Cobra's Market View

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The rebound overnight so far is strong so maybe a little more?

Members only update starts here: http://www.cobrasmarketview.com/2020/02 ... ay-update/

ES daily. A hammer as the day session opens. Far beneath the EMA 20.

RSI 14 dip, take advantage of it, Bottom shopping time.

ES 5. In a base riding the EMA 20.

Find excuse to buy today, but a break up will be nice here.

ES 5. Testing resistance.

ES 5. Breakout.

Dow 30. A sea of green. Led by UNH and WBA. DIS and HD trailing.

This will be tough one to pass. 5DMA

Eyeing 3198-3200ish

Price is respecting the highs of the OR-15 in all 3 majors--but also still holding in the top half of that opening range. IWM stopped exactly at its daily Pivot. SPY danced above it briefly but is now just below. So far, very technical action.

ES 5. Hit the brakes at the pivot. Sharp pullback.

Price is now hovering around the daily VWAP for many of the sectors I track. Traders are trying to figure out what to do. There is no playbook for this type of "crisis investing".

Also, per Schwab there have been NO extreme tick readings so far this morning, neither pos or neg. (None > 600)

Again, a sign of technical rather than emotional trading.

From Liz Ann Sonders before the open (Spokesperson for Schwab)
8.10% (intraday), 4-session drop from all-time high 2nd most severe in history of S&P 500; a near-perfect match with median magnitude (-8.2%) of all 5%+ selloffs (222 of them) in history of S&P 500 going back to 1927
@csm_research
@CarterBWorth

The OR-15 has now become the OR-30 for all 3 majors. IWM is weakest as measured by "level within that range"-- is below the midpoint. It's also below its (downslope) 15min 20ema and its daily VWAP.

ES 5. Back down beneath support levels and beneath the EMA 20. Bulls got trapped.

Daniel wrote:The OR-15 has now become the OR-30 for all 3 majors. IWM is weakest as measured by "level within that range"-- is below the midpoint. It's also below its (downslope) 15min 20ema and its daily VWAP.

..update: IWM testing its lod.

Naz advancers holding above 2000. This is encouraging to bulls.