Cobra's Market View

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This bear shall have legs.

Well, that escalated quickly!

Seriously though, that drop left a bunch of low volume nodes so a bit of good news could run this back up fast.

Climbing at a very high rate, almost hitting the 3 sigma line on VWAP . A gift for those who buy dips.

It's a morning hourly hollow red

EMA20 now is the bear's last chance for another leg down.

Flat line with a bounce into the close, or test the morning lows?

If we go into the weekend with a big gap down will the 401 K crowd buy the dip on Monday morning?

Very much like yesterday at this time (before lunch) with VWAP and VPOC sitting on each other and price doing a snake dance on top of it. No idea if we get a break down like yesterday, or a break out.

Possible higher low (green arrow), need decisively break the blue line to confirm.

The 3rd test of the blue line, breakout should be more likely.

edited

15 minute cash index is looking like Monday will be decision time. We have a very real looking double top. We have now tested downside support three times, so you would expect something. My big issue is anybody looking at the daily after today will see a gap down open turning into a gravestone doji at that lower support.

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