Cobra's Market View

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Maybe the pullback overnight will be bought. EMA20 now is the usual place where it's bought.

Intraday: inside day, anthing goes, same playbook different day. leaning bullish above 61.8% until 38.2% is taken down.

Swing setup: this dip will be bought, first thing first.

Boy....down down down

This bear shall have legs.

On paper we are in the zone for a bottom. Or a ways to go Either way this is "supposed" to be setting up the Santa Rally.

Given that today's news flow is about selling mag 7 and buying healthcare and other safe havens not sure what it would take to move us into a wave 3 powering up a good 400 or more points.

Really well defined channel. Question is there a bunch of stops below 6800 or a put wall.

light at the end of the tunnel. the problem is the other side is New York. Hahaha

As usual, a strong rebound is just the first step, need decisively breaks the EMA20 then down to test the low then maybe a chance of bottom, maybe.

SPY 5 minutes.

Aiyahhh. The walls come crashing down.

I trade the charts. Cause and effect are in the charts.

I checked MarketWatch. Just looks like ''normal'' chaos.

Good for the short sellers, which is fine with me. Bring on the bargains, while you enjoy the schuss down the ski slope.

Let's be careful out there.

SPY daily.

''Winking at the brim,'' as Keats wrote in a poem. -- price is testng the high of Oct 29 repeatedly, at 689.70.

Looking for a breakout.

30 minute shows the low volume node that matches a fib retracement. VPOC is lower than I would have thought.

Waiting for the explanations that a broadening base of defensive stocks will take us to new highs without the Mag 7.

Today apparently it was Broadcomm and then Oracle that sank things.

The rebound looks strong but so far no CLEAR revisit of the day low therefore I'm not sure whether the low was in or not.

Ok, I think that all she wrote todya. comfort level, Pivot safe space. Peace!

Well we touched the 50% retrace and headed back down.So the Fed induced breakout of the multi week trading range has failed. Unless there is a Monday turn around and we recapture yesterday's trading range.

All I can think is the laser focus on negative news in AI land is causing the gyrations. This is a very widely proclaimed bubble so no one wants to be late to the exits and at the same time all the big shorts have been carried out on a stretcher.

May you live in interesting times!

Well, guess that's it for today. Here's what Monday looks like: https://stockcharts.com/public/1684859/ ... /533449377

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/ ... /533449377