Cobra's Market View

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Maybe it's a price channel, now testing the channel lower boundary so rebound?

ES daily.

Moving on up. Small pauses along the way.

Inside candle so far.

Well above the EMA 20.

Eyes on 5836.

The trendline is up, as is the bias. Bullish on the daily.

ES 60 minutes.

In a trading range for many hours.

Hanging on the EMA 20. just beneath the Pivot.

And beneath the trendline.

And sitting on strong support.

Needs a breakout, to start the intraday action.

More likely down? Maybe, but more likely a 50-50 up or down situation, imo. The bulls are always ready to jump in.

ES 5 minutes.

Trading range.

Needs a breakout.

Testing down.

https://www.marketwatch.com/livecoverag ... =home_lead

10 point range with a 5 point ATR. Good day to sit on hands for a while!

It's a morning hourly hollow red.

ES 5 minutes.

False breakout.

It is trying again.

Back later ...

Guess the low was in, this market really wants to go up.

Overnight drop was pretty much a vacuum. Today's action not looking too good based on Fib levels for the drop. Expect all quiet waiting for J Powell.

Possible 3 push up and the general pattern thereafter is illustrated by dashed blue lines.

So far goes as expected.

Goes as expected however the last push up was much bigger than I expected and the pullback is also stronger than I thought.

15 minute volumetric shows the spike high with no follow through. Also the air pocket around the opening range high. This is looking like a failed breakout day, or a 1 down 2 up ready for the big down when the Fed disappoints the market.

Well, guess that's it for today. Here's what Tuesday tomorrow looks like: https://stockcharts.com/public/1684859/ ... /533449374

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/ ... /533449374

Friday low is certainly within reach this week.