Cobra's Market View

ClarkW wrote:JNK showing the same as HYG

Al_Dente wrote:Dr. X:
Thanks ….ok then how about this:
I want/need a benchmark (“reference point”), like a SPY overlay or something, so that when I “eyeball lookback”, I want to see what the “benchmark” index was doing the last time yr world was sooooo blue (without having to flip back and forth to another chart).
If that would be easy to add, great…. If impossible (would screw up the scale), just ignore request….

There may be some kind of confirmation/non-confirmation signaling at work here too:
Example: look at the May 1 to May 18 SPY decline
On yr elders, on about 5/9 all 15 elders hit red (extreme)
Then 5/14 thru 5/17 = 14 elders red, then less and less…
BY THE TIME SPY BOTTOMED 5/18 the reds were exhausted down to ZERO which was the SPY turning point……….. hmmmm…….
correction……. actually the red elders hit zero on 5/22
(see how wonderful it would be to have a SPY overlay to “find” this. But please don’t add too many more lines, as u will burn a hole in my retina
….. “less is more”)

[edit: ps: yr explanation helped a lot. I now see yr chart means that friday 11 of the 15 world markets closed blue elder, and about 3 closed red, etc...]

ClarkW wrote:HYG Daily: ChiOsc highest it's been in 4 years. Historically when it's above $3mil the short term future is not good for the it and $SPX