Cobra's Market View

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Testing price channel upper boundary, let's see any sellers here. Looks bullish to me though.

Gap up above the yesterday's high so could be a trend day either up or down.

SPY 15. Up in the premarket hours. Quiet except for one hammer.

After a downwardly-revised 10.3% plunge in February, Housing Starts spiked 19.4% MoM in March (much better than the +13.4% MoM expected).

After an upwardly-revised 8.8% drop in February, Building Permits jumped 2.7% MoM (modestly better than the +1.7% expected)

ES daily. Second day pushing up from a small base. Well above the EMA 20.

IPO
Note: COIN
Shares of newly public cryptocurrency exchange Coinbase (COIN) dipped in premarket trading on Friday. The weakness came despite another vote of confidence from popular investor Cathie Wood, whose Ark Invest purchased about $110 million of the stock on Thursday. (Reuters)

The squeeze yesterday in miners NUGT (3x GDX) broke the neckline of an inverse H&S
The target shows that there is more UP to go, as long as it holds the neckline
Daily, as of yesterday’s close

SPY 5. Starting to chop just before the opening. Volatility coming?

Cathy Wood will be the poster child for this bull market. We all know she will eventually end badly but s long as the central planners flood the world with cheep cash the wind is at her back.

SPY 5. The horses are champing at the bit.

Dow 30. And they are off. CSCO takes the lead heading into the turn, followed closely by JPM. CRM falling behind.

Uh oh

SPY 5. Not quite clear sailing for the bulls.

Back later ...

If there will be down trend day, this is it. no failure for bears.

It's a morning hourly filled black bar.

Bears, Last entry, a penny higher on the second entry I will see today as sideways at best for them. need new LL from here.

My measured move says 100% retrace of the drop but I am not so sure.

Heikin Ashi corner. overbought but need two reversal to gain a red bar. so even if we get a bearish reversal today, the bears need follow through on Monday to turn this around. Very overbought it's rare when RSI >80 bulls fest or the last laugh?

I wasn't clear yesterday when I posted parabolic spike, for chart geeks, how often you got a reading of 5 DMA higher than upper channel of Kektner channels. it's OK to call me Bear52x

Guys on Twitter (ex-big bank traders, not people like me) assuming Nomura, CS and others still cleaning up Hedge Fund mess. I am assuming the Fed is having private communications about de-leveraging so the system doesn't blow. I also assume CEO's want to tell Board they have cleaned house.