Cobra's Market View

Volume surge plus exhaustion like bar and close enough to yesterday's low, so a rebound could be. No idea what's going the next next though. I still consider it a intraday down trend and will short at L2 in this rebound, well if the setup bar is not bad Good call! Today I learnt this trick, thanks ...

Uempel asks to post this to whoever interested...

Volume surge plus exhaustion like bar and close enough to yesterday's low, so a rebound could be. No idea what's going the next next though.

nelsonbelchior wrote:Cobra, And after a possible rebound, do you still think that tomorrow will be a negative day? What do you think?

Tomorrow still could be negative unless I have other evidence.

maldini wrote:This seems to me like a downward trend day today:
all bear bar are small but non stopping, and all big bars are bull.

I mean, I remember this. Not I WILL remember this.

maldini wrote:This seems to me like a downward trend day today:
all bear bar are small but non stopping, and all big bars are bull.

Great. I remember this.

If you don't know what I mean the RSI positive divergence, here is the chart, after all, not everyone reads my daily report everyday.

Well, here comes the retest. My instinct yesterday was right. Now we shall hope that we do have a lower low this time so the RSI positive divergence could thus form and therefore a potential rebound after that.

Netrom wrote:this move down is not impolsiv, shuld be a move up towards 132

I agree, the down leg so far appears to be corrective, so just a retest of the previous low, could be lower low or higher low. This bar looks promising...

Too bad. So chances are high now, the yesterday's low will be tested...

Looks like we are going to chop around inside yesterday's range until New Home Sales and Crude Inventories come out. Seasonality says today shall be green but we're suppose to short at close. :roll: Cobra you´ll short at close? Don't ask me this question, because people may follow so I have no guts...

Breakdown this support would be bad but rebound from here would be good as it could be a failed 2 leg down therefore potential strong up.

OK, there's a danger this is a breakdown trend line then back test the previous high then rollover again, common reversal pattern...

If this is normal 2 leg down, this rebound should fail.

wave wrote:Cobra, any explanation and/or prediction for the big divergence between SPX and COMPQ?

SPX will follow COMPQ

Good, no follow-through, now bull has the ball, a breakout of this consolidation pattern would be powerful. Wait...

Guys, I hope you still remember, we've seen this kind of failed 2nd leg up pattern for quite a few times recently, a follow though here would mean yesterday's low will be tested at least. Careful.

shumushu wrote:Looks like we are going to chop around inside yesterday's range until New Home Sales and Crude Inventories come out.

Seasonality says today shall be green but we're suppose to short at close.

The opening.

Small gap down, so chances are good that the gap will be filled and the day could be a range day. I said yesterday, it appears that one more down leg to test the previous low is missing and now global ES has fulfilled this, not sure if normal hour would follow or the very first leg down has finally ...