Cobra's Market View

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Long lower shadow seems a good news to bulls.

ES daily.

It has slipped beneath the trendline.

In a trading range.

A doji so far.

IMO eyes are still on the top.

ES 60 minutes.

Up, up and up.

And now down into a trading range.

ES 5 minutes.

Breakdown out of a wide trading range.

Now in more sideways action.

Anybody got a clue about tariffs? Ha ha. Yeah, we all know it is chaos. It looks like it is not going away. And that probably means rising prices and possibly a slowdown in the economy. Plus other unwanted effects, bond yields, the pressure on the dollar, ect.

Looks like a pretty solid lower trend line to this channel. Waiting to see if it holds.

Bulls aren't done. Waiting to see if the double zero level will become support. It (the 5900 ) is the VPOC today so far.

[attachment=0]ES 06-25 (500 Tick) _ ES 06-25 (2000 Tick) 2025_05_30 (7_19_19 AM).png Looking like a trend up day until we hit the prior close. So maybe a stop hunt pressuring the new shorts?

Tree tries to go higher, first in the middle of the night then two more tries during New York hours. Two attempts to go lower, now working on the third. Not sure how large month end action is today and I do not know hat those traders do as far as timing. I am guessing that there would be a larger than normal Market at Close order book.

Not sure whether we had the higher low (green arrow).

Need to see 85 broken firmly for the down trend to resume.

Green close today then the TACO spike high (from Globex session) should get re-tested early next week.

Could this turn into Sell in May and Stay Away ?

Must be someone said something again.

Here we go, 5885 from below. Waiting to see if it is now resistance,

This is why I am focused on that 85 level. Pretty clear we had climax selling at today's low. If that low doesn't hold it could be Katy bar the door!

EMA20 now is the bear's last chance for another leg down.

Now we are approaching VWAP at 92. Usually doesn't mean much to me but end of month for institutions means on paper buying could dry up above VWAP. Looking like a dragonfly doji for today. No idea what that means for Monday. Besides there is always the chance of a Sunday night news announcement,