Cobra's Market View

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Double bottom or not, wait and see. Right now pausing at EMA20, guess it's waiting for the 8:30 PPI data.

ES daily.

Day 9 in this tight trading range at the top.

Can't stay there forever. Break out or break down.

The longer it goes, the more it favors breaking down.

But the bias is still up.

Huge move up since April.

ES hourly.

Hella large moves on the hourly, 80 points, 1 contract, $4000.

Back up to the Pivot.

ES 5 minutes.

Up since midnight.

"Which way you goin', Billy?"

Will it fakeout it is going low?

Will it just go long? Fake long?

Watch for a bit. Make some readings. Like in poker, make a bet, and watch the reaction.

The chopfest continues....

ES 5 minutes.

Double fakeout. Up, then down, then back inside the range.

Let's be careful out there.

Intraday: inside day, anything goes, leaning bearish under 38.2%. same playbook.

ES 5 minutes.

Both parties are keen.

Down to the bottom of the range, sniffing around.

Back to the top of the range, checking the weather.

Going nowhere.

But then it looks like a break down. Is it?

ES 5 minutes.

Uh oh. The bears are serious. Making noise outside the range.

Not convinced yet. If it went back inside, then broke down, that would either be real or one helluva fakeout.

ES 5 minutes.

OK, down to a lower range, extending the range.

Gawd. Plan A. Plan B. Plan C.

All in half an hour. There is action, but it is tricky. Day trade stuff.

Taking a break. Back later ...

It's a morning hourly filled black bar

There will be a fight, the bulls said.

Possible double bottom.

20 handles intraday spike, this is not normal

Crashing

Bears said there is no match for them today. back to negative for the day. $VVIX is ticking up really high, 20-30 moves in one direction to another are making sense.

we bottom here then there is an axcess in profile today.

Generally need at least a higher low to make a solid bottom.