Cobra's Market View

Let's see whether for the 7th time (red arrows) bears finally could make 3 straight down or not. Judging by strong rebound before the close (therefore a long lower shadow), I won't count on bears tomorrow though.

The volume (green arrow) favors bears though as I suspect after Stockcharts' final adjustment, it'd make a new high today. But even though, I'd put more wight on the long lower shadow today.

Basically a range day.

DISCLAIMER:

The trading log above is meant for myself only which main purpose is to help improving my market sense.

• My blah blah about how the market would go in the next dozens of minutes everyday in this forum, is a way to force me to focus on the market, because by speaking loud, if the prediction is wrong, I'd be embarrassed, which of course I'd like to avoid as much as possible.

• Day trading is not my strongest point. Just for the same pattern, it can repeat frequently on the 5 min chart while on daily chart it may take months to appear once and another month to know whether the idea of trading such a pattern is right or wrong THIS time, so practicing on the 5 min chart is a fastest way to learn to trade.

• Day trading inevitably would have good days and bad days, it's a part of the game. If I always have good days, it means I'm either lying or already the richest person in the world (then why I'm still trading?), so please don't blame me for making any bad calls. The log is for myself only, not meant to be followed.

Indeed a new high in volume (green arrow) (meaning intense fighting between bulls and bears therefore some chances the trend is about to change) but still I weight the long lower shadow more.

Courtesy Cyclesfan:" the nyse down volumne was 80% yesterday. In 2024 the spx bottomed everytime except Jan 16th where it made a lower low the next day.So the market either bottomed yesterday or will today with another 80% down day."