Cobra's Market View

Do a comparative with March-April-May 2020, it's a very similar scenario, shock-crash, hesitant bounce, small pullback and rocket up.

History to repeat? Odds are good, a prolonged market drop begins with a different, sustained, non-shock or giant candle-based decline print collection.

How long before QE starts overt or covert?

Looks like a "W" bottom, at least high possibility. If tomorrow starts with a pullback that gets reversed to green, then I would say it's up to the 200-day.

Chart appears to be similar to July/August 2024. If so, then daily 200 is at $473, weekly 50 at $467, so about $470 support for QQQ. Otherwise, SPY & QQQ are forming a "W" bottom print currently, so there is that opportunity to turn North soon, not needing to go full drop. To add, the ...

What is the week of Thanksgiving historically look like, and the period from that to Christmas?

Santa wants to know.

Intraday read at 13:40 Eastern:

NYMO: down to -54
NAMO: down to -44

Deep but nothing extreme.

At 14:15 Eastern:

NYMO at -73
NAMO at -26

BullBear52 wrote:Stockcharts.com is down as expected, the day like today.

Working for me.

Intraday upfate at 12:15 Eastern:

NYMO -67
NAMO -20

NYMO down to -37 (low ~-51)
NAMO down to +6.21

I think it needs another push down, maybe tomorrow, and up the rest of the week? Earnings on tap so it muddies things a bit. But generally, going into reports on a low bar helps the upside, whereas going in on high notes often is countered by sellers.

Market Outlook or Market Recap? I'm gonna lose sleep now..

Powell said something something market tanked, he shut up, market bounced. Wait to see real direction.

No weekend post?

Market likes what Powell said. I guess. They liked it before he opened his mouth.

NYMO down to -98
NAMO down to -54

The end-of-day selloff was not sector-specific, it included gold & silver which have been rocketing lately - this leads me to conclude that a pullback in the general market/s will follow.

My pattern-based projection for QQQ is $580-$620 December 2024 to March 2025 range.

Based on NYMO NAMO patterns, there should be one more down (selling this rally) before sustained upside. I don't think bears have much left in them, election year and all that jazz... Plus covert QE pumping, the false front must be kept up. NYMO NAMO typical action is a "W" bottom, even fr...

NDX needs to stay out of the downtrend channel otherwise sell your kidneys and buy puts.

Cobra wrote:Still, one down day doesn't mean anything, I'll need see a strong bear follow through tomorrow first and again since it's bear, typically they would be disappointed, typically.

Higher volume today though.