Cobra's Market View

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Double bottom or not, wait and see.

ES daily.

Bouncing once again down from the high.

Of course it wants to break out.

But ... Short sellers. Profit takers. Programs.

Lots of resistance.

ES 60 minutes.

Flattening out.

Needs a breakout.

The bears are winning at the top, so far.

ES 5 minutes.

Slightly down.

We will see how price action is at the open, momentarily.

Intraday: inside day, anything goes, same playbook on Fibo.

Stock index ETFs and Futures.

Mostly down.

Back later ...

Stock index ETFs and Futures.

It's a morning hourly hollow red

Nothing to say, so far it's a range day, we may already have the range low.

When in doubt, look at A/D, so far the bulls are still holding on the positive A/D all morning.

Balanced market, inside day, tomorrow will be a pay day for day trade. Peace!

JP Morgan has set the three month collar. These are end of month 3 month options. It is a cost-less collar around their mammoth etf.

They limit upside by selling calls against the fund. Proceeds buy a put to limit downside. They sell a lower put to complete funding the long put position. Option amounts are very large which means market makers will react as we approach those levels.

Maybe we have the range high now, and it's the pullback from rang high to range low.

Well, guess that's it for today. Here's what Wednesday tomorrow looks like: https://stockcharts.com/public/1684859/ ... /533449381

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/ ... /533449381