Cobra's Market View

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This bear shall have legs.

From the top the overnight volume. Makes it look like retail dip buyers could reverse this quickly. Goldman saying funds will not be major sellers. Price will tell us what happens.

Gap play, go or no go.

6840 is 50% of the drop.

It's a morning hourly hollow red

Gap and no go, new box, make or break.

People are quick to buy the dips, gap filled? it's clear on the /ES

Intraday, new swing low, it is bearish bias. find excuse to sell, same playbook, different day

Fearful market, no fear no bear. bears are roaming here, know where your money is......

Descending triangle, break the blue line is more likely.

You know the routine.....the RED line pivotal.

Just for giggles and grins this count is valid so far.

Still bias is down. The blue line below could be the target from where we'll if it's a classical breakdown then reversal up again.

Looking like the big boys really want 6,800 to hold.

Nice breakout so some chances it's a double bottom (green arrows) the low was in. However, more often, there's another small leg down before a bottom could be possible as illustrated by dashed blue lines.

I thought that 6810 would hold. I thought wrong. Next guess is we test the overnight low. Need some positive news blast or this could keep going.

So as usual "more often" indeed happened. Since this is the 3rd test the blue line, the more test the less likely the line would hold so breakdown should be more likely after which we'll see whether it's a classical breakdown then reversal up. A decisive breakdown then we can forget bulls.

That is three touches at 6,795 all at least an hour apart. Clearly it is now the line in the sand.