Cobra's Market View

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Double top (red arrows) then breakdown then consolidation so bias is a little bit down as some chances it's a small double bottom here.

EMA20 now is the bear's last chance for 2nd leg down.

Double bottom?

Average tick bar is currently about 4 minutes. Pretty clear shape.

Standard 2,ooo tick showing the slow motion hit on the lower line.

Too much on this chart so I changed VWAP to little boxes so it would stand out from EMA

short term trend channel maybe.

I should add four touches on the upper line makes bulls look like no conviction.

Not good, bears in control today. I remember the last year's Santa Rally, most days were down as well.

Bulls had too much Eggnog last night. Looks like they are waking up. Need to see bounce off that overnight low from above (black tend line).

The rebound is just the very first step toward a bottom, a revisit generally is needed as illustrated by dashed black lines.

ES 5 minutes.

Downhill slide. Finds a bottom.

The bounce is pausing at resistance.

The revisit wasn't deep enough but if two consecutive strong bull bars here (we had only one for now) then I'd consider that the low might be in.

6,945 is the magic number today. On the fast chart I see it act as support six times and resistance once.Seems to me that the bulls need to close above it.

Are there enough old fashioned mutual funds left to cause a noticeable year end window dressing? Asking for a friend!

Well, guess that's it for today. Here's what Tuesday tomorrow looks like: https://stockcharts.com/public/1684859/ ... /533449374

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/ ... /533449374

Ending the day with a close enough ABC. Implies down move has a second leg. Wait for Asian Pacific and Euro markets to decide where to go from here.