Cobra's Market View

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The rebound overnight looks like a bear flag.

Oversold but fear is increasing, $VIX will be a thing to follow today. fearful market.

/ES 4030 is key pivot for my trade, sell only, especially if it's under that level.

If we have a gap filled it will be even a better bear entry, for now looking down to 50% area will be where I am eyeing for short term trade.

Forward PE 18ish at 3400 sp. fair value?

It's morning hourly hollow red

Cletus Open:

1) More up. 2 consecutive unfilled futures gap down on Sunday night will be filled - all of them
2) Buy the dip after major distribution day (friday) good for a 2-3 day bounce

It's the very first touch of EMA20 in a long time (since the last Friday) which could attract some sellers.

Looking down on /ES 4030 then 3965 very bearish I know

Good (relative) volume spike at open...could be (short term) capitulation. Just watching for now.
And, I always wonder/question how accurate the P&F chart data is intraday.

And if you understand TC2000 BOP (Balance of Power) you see that on the 1 minute, on Friday, there was large lot buying EOD but it is probably short covering. Then today after the volume spike there is small fund selling followed by large lot buying noted in the green rectangles.

merryme wrote:And if you understand TC2000 BOP (Balance of Power) you see that on the 1 minute, on Friday, there was large lot buying EOD but it is probably short covering. Then today after the volume spike there is small fund selling followed by large lot buying noted in the green rectangles.

Today they will drag the price down enough to press the margin call on Friday. tomorrow may be more selling but quick reversal, I don't see that happen today. just guessing on the brokerage house practice.

$CPC is 1.29 as of now. this is panic level, a reversal tomorrow is highly likely if we stay up this high until the closed.

Consolidation, breakdown is more likely.

If there will be a down trend day, this is it.

Range day, bear still got one sell coupon. that will be the last sell today, come2papa

Need decisively break the blue line above to confirm double bottom.

$CPC keep reading higher 1.35 now. this forces the MM to buy futures to hedge. will see tomorrow the buy panic action will continue and how big. I am ready to hop on along but not today.