Cobra's Market View

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Double bottom (red arrows) then higher low (blue arrow) so maybe the low was in. Bias is up.

Bad start with new swing high, it is bullish bias, let see if there is a support here @ 61.8%

Seems a rebound here which likely would be sold as I think this bear shall have legs.

Over 50 handles drop from the open, it ain't no regular Monday.

Testing the support now which is the Friday's low so I won't be surprised if a rebound here. More often it'd be a breakdown (the blue line) then reversal up.

Swing setup, the swing high this morning earned bulls a buying coupon. we are not there yet.

Fearful market, this could be the last stand for bulls in weeks to come, no LL allowed.

ES 5 minutes.

That was a beauty. Down the slope.

I was up early, ready to trade.

And my anti-virus program fought with me again. It quarantined my broker's app. Angry? Nah. I was very polite to the helpers.

Phone calls. Waiting. I finally got it fixed, but I missed the big slide. Ha ha.

Gonna go get some food in my stomach instead.

By the way, who out there is happy with their anti-virus setup? I have been using Avast. The lady helper was very nice and capable.

Back later ...

It's just another rangie Monday as usual. LOL

A surprise will be to the down side. HYG is still too weak to go crazy bullish.

"It's Deja vu all over again" I agree this is not the standard Monday.

1. Friday the FOMC injected a large amount of money into the banks using two overnight lending programs. So quantitative tightening is over while they jawbone about interest rates.

2. Everybody and their cousin who is paid to write is penning articles about the AI companies calling vendor financing "investments".

3. Beating retail side analyst earnings estimates is not making stocks take off even though retail is the force driving the market.

4. Elliott wave counters that I follow are patiently waiting for a significant top that will lead to a multi month pullback.

I am, once again, glad to be a day trader.

The rebound is stronger than I thought but generally at least a higher low is needed for a solid bottom so cannot say the low was in yet.

Looking like we are running out of steam. I still think "they" want to reclaim 6900 but I think it will take an Algo trigger.

Fun fact from X. Last 200 significant insider trades. 0 buys on this list. I'm sure it's just portfolio balancing.

Going slower and slower and the rising wedge eats more buyers with each up swing. Longer time frame buyers need to step in if 6,900 is going to be taken back.

Slipery when wet, time for AI to lift the bullish percentage. Peace!