Cobra's Market View

Down 2 weeks in a row, the next week has 63% chances to close up.

From:" It is what it is department" This week sell off was the strongest for the year in term of TA internals and momentum. Daily trend following buy setup failed at the closed of Friday. Fearful market, $VIX continues its moving up, black swan event could pop out of no where, know where your money is and what time frame of your trading? stick to what works, your chart is your only friend. another thing to note is 85% of SPX issues are under 20 DMA, this is quite oversold for short term, and more than 50% is now moving below 50 DMA. this is very bearish on mid term like daily trend setup. so be careful on the overnight holding position, know where you stop or hedge properly. Back to my day to day operations, If we get the short term right, the long term will follow. swing setup is on the sell, it has not been easy without money management and proper position sizing to deal with short term both Bullish and Bearish positions. stick to what works and only price pays! BIAS KILLS Intraday: same playbook, for now there is swing low intraday, bearish price action, I would expect more weakness to come until there are a new swing high to say there is change in the trend. trade well, Peace!