Cobra's Market View

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Consolidation overnight, breakout is more likely.

Non-farm payrolls: 315,000 vs. +298,000 expected

Unemployment rate: 3.7% vs. 3.5% expected

Average hourly earnings, month-over-month: +0.3% vs. +0.4% expected

Average hourly earnings, year-over-year: +5.2% vs. +5.3% expected

It's a morning hourly filled black bar.

Trades w 2 Cats wrote:Non-farm payrolls: 315,000 vs. +298,000 expected
Unemployment rate: 3.7% vs. 3.5% expected
Average hourly earnings, month-over-month: +0.3% vs. +0.4% expected
Average hourly earnings, year-over-year: +5.2% vs. +5.3% expected

thanks boss

ES daily. Ah, those bulls. A hammer creates a bounce just above 3900 yesterday. And now a strong bull bar.

ES 60 minutes. A move above R1.

SPY 5 minutes. Price action.

Lots of discrete, playable moves, if you are at your console.

The rebound was entirely predictable but the one issue for bulls is NYMO being so deeply oversold, the odds favor a positive divergence that has to form before we can really launch. That means in the coming week we will probably see a lower close on SPX. However, there are rare occasions when it is not required. We are close to bottoming out here. Positive moons cycles are coming next week and then last until the end of September.

Nice oversold bounce overlapped wave 1 so the wave count has to be refigured.
Guessing we chop around for the rest of the day.
Thinking the pro's will hold this up trying for retail buyers on Tuesday/Wednesday so they have someone to short against.

Dow 30. A whole lotta green. CRM leading. MMM trailing; MMM not having a good day, nor a good week for that matter.

UVXY price decay over a long weekend is good for SPY bulls
https://stockcharts.com/h-sc/ui?s=%24VI ... 6748220133

Alternatives.

Gainers: DBC IAU IYR SPYG SPYV USO

Flat: TLT

Loser: UUP

Back later ...

Consolidation, bias is up. Good looking bull bar making new high in the next couple of bars then it's an uptrend day.

S&P 500 intraday, sorted by greens
note energy

ES 5 minutes. Tight range, waiting for a breakout.

ES 5 minutes. Breakdown to R1. And testing beneath R1.

ES 5 minutes. Down to a support level, 3974.

Back later ...

I was not expecting this to fall off a cliff!