Cobra's Market View

Down 2 weeks in a row, the next week has 64% chances to close up.

SPY daily.

Dropped down beneath the EMA 100. Ouch.

Going nowhere all of 2026.

It could be heading south now.

But the bulls will be snapping up bargains.
The attack on Iran by the US and Israel, and the subsequant war in the Middle East, has spiked the price of oil.

"It is what it is department" Bearish and oversold short term. a 7-10% correction is to be expected at the minimum. we are -4% from the all time high so far. 6-7% more will be a good gain to the down side trade.
Let see what the EIS bars are telling us?
Weekly EIS, looking left, we have 2 occurrences to compare to, for now, this is not the time to be bullish. Daily EIS, We are at the second support area. a break down will probably take us to the 3rd support level easily. Short term momentum are bearish bias. Swing setup: It is on the buy side, make or break we should see this coming Monday. Intraday: new swing low, bearish bias, before the market open on Monday we should have a good idea bulls or bears will run the show based on the overnight info. keep it simple. Peace!