Cobra's Market View

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The chart looks missing a revisit of the low for a solid bottom.

Fisrt thing first, 3rd sell on this run down, make or break.

Typically this is where down in the morning ends and up and up till the close starts. Let's see if today is of any differences.

Its getting bumpy. ATR up and look at bigger bars.
Bulls need a zig zag up but this down trend feels too big to be just a small pullback. We will know soon enough.

50% chances of double top here. Usually I'd say 40%.

ES daily.

Large bullish candle.

Trying to put in a bottom.

Beneath the EMA 20.

ES 60 minutes.

For the time being, a bottom of sorts was formed at the end of Friday's trading.

And the candle was a hammer.

Still lots of pressure down.

The bulls are not out of the woods.

This bull shall have legs.

ES 5 minutes.

Up. Down. Up.

Rather clean moves.

The bulls are in the lead, half way through the trading day.

Swing setup: last sell setup failed, bulls time to shine, dip will be bought. Intraday: inside day, anything goes today. Internals: it is bullish bias today, the bottom could be in but will see how the Harami candle play out tomorrow. inside day is a consolidation day in nature.Peace!

I usually don't show the Fib bands on the EMA but today is unusually strong, Says to me the big boys have turned to risk off. Chatter on X saying they are now betting on a 50 basis point cut by the Fed as the Fed wants an insurance policy on the economy.

this would be solid evidence they waited too long and are in full panic.

Or this could just be market makers protecting themselves from 0DTE options, always a possibility.
Whoops, risk ON, not off

Bonus charts: Fearful market even though the $VIX is dropping quite a bit today. the $CPC is still trading above 1 atm. surprise is still point to the down side.

Price flatlining around 5490 strike says to me that big move was Gamma Games.

The pullback will be bought which is what this bull shall have legs actually means.

Thank you, Cobra and the Board.
IMHO, things seem to shape up to be
Sep 9, 2024 dip buyers' rally
Sep 11, 2024 patriotic rally
(CBS 60 minutes on Sep 8, 2024 had a powerful segment about 9/11. We shall never forget)

A little volatile today, buy and sell sinals triggered on the same day. well, a buy here under 5 DMA need to watch stop level closely, a bulls trap can be fast and furious. it's a buy for now, first thing first, make or break remaing to be seen. trade well, obey a stop at all time.