Cobra's Market View

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Lower high or not, wait and see.

Are we there yet? the first obstacle for the bulls is upon us, the up and up and up is only option for da bulls around this line. or Lower highs as Cobra mentioned, wait and see, He didn't say buy it up.

So yes, NVIDIA did not meet street expectations and while it wasn't just overnight we have dropped back to 6,900. Are the doomers right and Blue Owl gating investors was the canary in the coal mine or are we setting up a really great buying opportunity in AI related stocks?

It's one of a great day trade. lets do it again tomorrow. Peace!

The rebound probably will be sold.

SPY 2 minutes.

Down hard.

Pobably news uncertainty.

Bottomed out.

Range day perhaps.

Very tradeable, clean moves.

Pullback as expected. Now let's see whether bulls can make higher low (perfect) or double bottom.

Long term view.

What has the market been doing?

Since January of this yesr the market has been going nowhere. It has been in a very wide trading range.

It has favored daytraders, and punished long term holders. Daily chart.

On a weekly basis, the trend is still up, but flat lately. Caution advised. Beware a pullback.

This bull shall have legs.

I drew the black rectangle earlier to highlight the empty area in the volume profile. Bingo, spent the rest of the day filling it in.

As BullBear pointed out we are looking at a potential longer term top, Ken Fisher's rounded dome. AI is no longer driving the market. The Fed is not cutting rates. Consumer loan delinquencies are increasing. Commercial loan delinquencies are increasing. Property values are falling, residential and commercial. Employment is flat to falling. Supposedly nobody is buying calls.

But where we spend the winter out in the foothill chaparral south of Los Angeles the sky is blue, its 80 degrees and there is a nice swimming pool. So I will worry about rounded tops another time!

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