Cobra's Market View

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Double bottom?

Don’t forget, we have the 10 year tips auction at 10:00 my time here in California. 18 billion … just a little more than the 20 year auction yesterday. Market up 0.39 at the moment seems to be shrugging it off. But auction could be meaningful … or not?

ES daily.

The trend is still up.

Eyes still on the top.

A doji so far.

Sideways action.

ES 60 minutes.

In a trading range for a number of hours.

Needs a breakout.

ES 5 minutes.

Extreme chop.

But some of the moves are playable, relatively clean.

No overall progress.

The stock indexes are flat.

ETFs and futures.

Here we sit, as everyone has said, in a range.

Last week US Treasury longer term bond auctions failed with Fed picking up around a 1/3 of the offer. The witty people named it "not QE 4".
Now we have a failed Japanese auction followed by a bad US auction. Relatively sky high Japanese rates implies Japanese investors are much less likely to buy US Treasuries and hedge the currency risk.

Bottom line bond market isn't taking tariff revenue at face value. They want to be paid for perceived risk or they won't buy.

Bond talk is cheep, graphics are better.

For now it's a range and near the range high so maybe a pullback soon.

Possible higher low (green arrow), probably will test the day high.

SPY 5 minutes.

Bearish finish to the day.

Have a good afternoon off.

Well, guess that's it for today. Here's what Friday tomorrow looks like: https://stockcharts.com/public/1684859/ ... /533449397

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/ ... /533449397