Cobra's Market View

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Don't know whether the rebound means the low was in, the chart looks missing a usual revisit of the previous low though.

ES daily.

Failure at 7000 three days ago.

Three failures there since November.

Down to the EMA20.

And there it finds some support.

Super strong resistance at 7000.

ES 5 minutes.

Sliding down the slope.

6926 already tested.

More coming, perhaps.

ES 5 minutes.

2 more test spikes down.

Strong rebound at 6926.

ES 5 minutes.

Aiyahhh. Down she goes.

ES 5 minutes.

OMG, the bulls are playing aggressively too.

Pow. Take that.

Bounce off the Pivot, and a huge spike up.

Let's be careful out there.

Are we there yet? Getting close if we are going to turn around and set a new high next week.

Looks to me like somethig around 6915 is the bull bear line in the sand for now.

Oh wow they hit the resistance twice and dropped hard. Could end up being a "this bear has legs" sort of a day!

December 22 gap on SPX should be filled at this point. Another one lower down from December 18 is still open on my chart but that is another 100 point drop.

Key time here, strong rebound then it could be a 3 push down therefore the low might be in.

The revisit is a very common bottom pattern as long as it doesn't make a decisive new low.

Not super clear as to which upper trend line is in control. Looks like a wedge that is turning into a channel. Either way bulls need to show up to save this.

Strong rebound so the low might be in for today. Sometimes there's a revisit to make a higher low though as illustrated by dashed black lines.

I was thinking measured move to around 6915 but that may be in doubt

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