Cobra's Market View

Down 1 week, the next week has 60% chances to close up.

SPY daily.

Good size pullback. To the EMA 20, where it is trying to hang on.

EMA 20 flattening. EMAs 50 and 100 up.

Bollinger flat.

Volume heavier than average on the pullback.

MACD, Histogram and Sto down.

Time for short sales as swing trades on SPY and the like? Not for this trader. Day trades only.

Just in my opinion.

Have a good weekend, preferably in the shade. Years ago I golfed in Phoenix, temp 107 degrees, hottest city temp in USA that day. Golf shoes fell apart. Ha ha. Would definitely not golf there now in this heat.

Over the weekend, please take a moment to vote for Cobra, thanks: https://stockcharts.com/public/1684859/ ... /533449377

From "It is what it is department" what is time frame of your trade will be the priority at this junction. we have a change in trend, in its early stage, fearful and weakening momentum. BUT...first thing first, Buy/Sell until it fails no mater what time frame of our choice, stick to what works until it doesn't.

Short term momentum and internals, nothing to see for bulls. Daily trend following setup: this dip will be bought, RSI >30 = trigger buy entry with a stop at the recent low. simple stuff. Swing setup: this one is ugly with LL, but by my rules, it's also entering buy zone setup, same entry setup, RSI >30 will trigger buy entry. Intraday: Friday closed with a negative price action, I would expect more weakness into Monday, at this points I will also participate in a reversal, since the bigger time frames are in gear to buy. same playbook here if it continues down, trade well, Peace!

thanks everyone for some great charts and commentary!!