Cobra's Market View

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Double bottom (red arrows) or not, wait and see.

Julie Wade on X looking for subscribers. Nice look at the ES options distribution for today. They are a significant force, it is good to see what they are doing.

Payrolls got a short burst then nothing. Wondering if we are starting the slow grind into the summer trading. You know all the big money guys are headed for their places in the Hampton's. I have to say I would like some relaxed volatility. I feel like I have been drinking from a fire hose the last several months!

30 minutes into regular hours and we have hit 2 sigmas off VWAP in both directions. On paper that says possible range day. Would expect flat line after NY lunch hour.

Double bottom or not here, wait and see. 50% chances.

ES 5 minutes.

Down beneath the EMA 20 and the Pivot, with marubozus.

Moving towards the Gamma Flip. Apparently moving the Fed rate increase back by two months was not sufficient.

This bear shall have legs.

ATR (in ticks) has started to drop as in the air slowly leaving the balloon called volatility. Real question is will 7,500 hold until Monday.

Below yesterday's low. Not going to be a good look for all the 401 K owners looking at charts this weekend.

AAPL

Another nice runup.

P/E is higher than a value stock.

But the revenue and ROE for the last few years justify the price, imo. Its fundamentals look very healthy.

Steve Jobs brought us simplicity, user friendliness, quality and elegance to computers, a lasting legacy.

Usually a revisit of the previous low is needed for a solid bottom as illustrated by dashed blue lines.

Classica revisit then rebound. Close is near so maybe not enough time to reverse up.

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