Cobra's Market View

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For now the rebound can be seen as a bear flag, a little too large for a flag though, so bias is a little bit down.

Inside day, anything goes.....under 38.2% leaning bearish.

SPY 5 minutrs.

Small gap up. Small gap filled.

Yawn. Back to sleep...

Classical symmetry.

15 minute bars with the 60 minute moving average cross Pick a downside target. But with all that volume it shouldn't be a fast drop until the bottom falls out.

Testing the yesterday's low, let's see whether bulls can make a double bottom. I say bias is down.

I backed up the chart to get a better look at th volume in the lower half of the range. On paper the pros are counting the high as a wave 3 and looking for 60 to 100 point drop for a wave 4. My simple head and shoulders projection is in that zone. We will see if the market agrees or not.

Fearful market, turn arround Tuesday with a follow thru, this time bears are serious. Peace!

2 legged up, not went far, guess there'll be another leg down still.

Possible higher low. I prefer a strong bull bar to confirm the higher low.

Well, guess that's it for today. Here's what Thursday tomorrow looks like: https://stockcharts.com/public/1684859/ ... /533449387

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/ ... /533449387

What a roller coaster today. Thanks for all the insights guys! Have a great night!