Cobra's Market View

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A rising wedge breakdown, probably is to make a price channel (dashed line).

ES daily.

Hit the pause button after one helluva move up since November.

Must still have rocket fuel.

ES 60 minutes.

Oops. Nasty little pullback.

Down to the Pivot.

Sitting on a ledge.

"Let's be careful out there."

It's a morning hourly hollow red

ES 5 minutes.

Whoosh.

Filled the overnight gap, and then some.

Back later ...

The pullback for now looks like a bull flag and already 2 legged so might end soon.

Bob Farrell's eternal rules for the market:
4. Exponential rapidly rising or falling markets usually go further than you think, but they do not correct by going sideways.
5. The public buys the most at the top and the least at the bottom.

All time record levels of cash pouring into the S&P 500 etfs. Most shorted going straight up.RSI at multi year highs, etc etc,etc,
Anybody and everybody is pointing out that we are watching a very standard blow off top fueled by retail cash. Historically the RSI thing is good for an 11% decline in two to three weeks once the market breaks. Other indicators have their own history.

Remember Santa Rally statistically lasts through the first two trading days of January. However statistics are a trend with probabilities, not a certainty.

Pinned at 4825. Waiting to see if we get yet another end of day ramp.

More likely a cup with handle instead of a double top, so breakout is more likely.

The pullback was new, bears finally made something different. Usually the rebound now means the low was in, let's see if usually still works.

Bulls could not hold it, we slid down the skinny part of the volume composite. Now we will see if the higher volume node can hold this. Elliot wave guys are all looking for a fourth wave pullback followed by a 5th wave up. That 5 could set the high at the end of Santa Rally and would be followed by a noticeable sell off, or according to some a really big selloff. We need to see a few more days!

Text book zig zag down

VIX just needs to print 17 and then we will back to a normal trading range. Probably have to drop about a further 70 points to get that, down to 4650.
Then we can start 2024 with a rally.. maybe..

What just happened? I took a short nap. Maybe I should go back to sleep?

Well, guess that's it for today. Here's what Thursday tomorrow looks like: https://stockcharts.com/public/1684859/ ... /533449387

Thank you guys, I'll see you in another thread soon.

Before the close, please take a little time to vote for me, thanks: https://stockcharts.com/public/1684859/ ... /533449387