Cobra's Market View

(courtesy Jeffrey Hirsch)

I should add that the retest of the low and possible break can be a ways away. Its been my experience that it s usually within around 2 weeks, but anything is possible

So whats next? Is the bottom in? Heres what history says... After a huge drop (largest in 2 years) and a vix spike to 65,we made a low at 5120 on the ES.The vix had doubled in 3 days from 16.4 to 36.8. Thats only happened 4 times in history. In every case, a retest and lower low occurred. If that ha...

What i worry about is an overbought market with a/d problems desperately in need of a correction. Then we have a Hurst cycle trough (a big one... same as the one April coming due in mid July.. Thats why the July 13th chart was `concerning`

Note on the seasonality charts, both have Friday as up and next Tuesday as down..

So where does she stop for a rest? 5245, or 5270 are my best guesses...

This opinion is not useful to me as a short term scalper, but it is germane as to whether or not the overall trend is up or down ( as it has been for most of April . ) .

Well i did call for a down day today..lol