Cobra's Market View

Up 2 weeks in a row, the next week has 54% chances to close up, 76% chances to make a higher high.

So more up.

The Fibs are all solid with this count. If we continue to drop on Monday it holds together unless the bottom falls out. This seems to be a more or less consensus count and of course the issue is we are moving up towards the end of several impulses, so higher highs then a significant drop.

Our fearless Fed Chair has the Friday afternoon slot for his Jackson Hole speech. Then the September FOMC meeting, so a couple of opportunities for the Fed to trigger a 5% pullback are coming up.

SPY daily

Strong trend up since May.

The EMAs are up and in the right order.

Price is pushing the outside of the Bollinger envelope.

At an all-time high.

My bias is up.

Caution is advised; it is a high-wire act, climbing the wall of worry.

Three days flat.

Heavy lifting needed, but that has been there all along.

The institutions need a place to park their money, and, imo, the market is not at an irrational high, nor is it irrationally over-priced.

Could it pullback? Yes, of course.

Over the weekend, please take a little time to vote for Cobra, thanks: https://stockcharts.com/public/1684859/ ... /533449377

"It is what it is department" range trade, can you handle the range trade as a trader, that is the question? about .5% of risk on either side. simple trading to come. Peace!