Cobra's Market View

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Possible 3 push down so a rebound might be due.

Good rebound but it's just the very first step toward a bottom.

Prior two days we had a one down two up pattern, I have put the fibs on the chart. Today we had a double bottom and it cam earlier in the day. I am thinking things are getting oversold. Some saying if we don't close the gap today it could get ugly on Friday.

Getting past the heavy congestion. Low volume node is a tempting target around 6880

Not looking good. Today is not following the pattern from earlier in the week. Looking like support will not hold, maybe we test the days lows.

ES daily.

Another sell-off day, no doubt bad jobs report related.

Huge bearish marubozu candle.

Touvhing down to major support level.

A very orderly decline, as in hard to scalp, but sticking to the channel.

Pretty clear that following Alphabets disclosure of their future bets on AI spending stock fell hard on good earnings.So AI data centers and bit coin are all related and in a down move. Add in the software as service sector dropping hard because it appears that AI code will allow big organizations to write their own version of Sales Force etc and you have the consensus from the media for the cause of the sell off. Real issue is will this be a garden varity correction in a bull market or will we get some spectacular blow ups as over leveraged positions are force closed.

Possible higher low (green arrow).

Clean breakout of the down channel

Nice wedge

Red Flags
Did not come close to closing the overnight gap
heading back down to close near the days lows
Will we get a bounce overnight or panic selling

Well, guess that's it for today, here's what Friday tomorrow looks like: https://stockcharts.com/public/1684859/ ... /533449397

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/ ... /533449397