Cobra's Market View

We don't know which overbought or oversold is the very top or the very bottom, but we do know it's due for a correction. we are at the overbought and ready for a relief rally pull back. Patience, React, and Don't predict. "Don't predict." Agreed. Prediction is fantasy. You could say here ...

ES 5 minutes.

Chopping along.

At the bottom of the range as seen on the 60 minute chart above.

ES 60 minutes.

From box to box.

Now in a very tight trading range.

Needs a breakout.

ES daily.

A doji. Sideways action at the top.

Needs a resolution, in its own good time.

ES daily. Back to the top. After 6 weeks of "fooling around," for the sake of the bears. Ha ha. No guarantee of going straight through, however. Safer to wait for breakout, pullback to 5330 and resumption of trend up. 2024-05-15_14-47-45.png Something like this ... 2024-05-15_15-01-02.png

WFC 5 minutes.

Was waiting for one of these, on one of my favorite stocks. It did not cooperate, up to this time. Ha ha.

Done for the day. Have a good one.

ES 5 minutes.

Heading back to the top of the range.

No fades for me today.

Later ...

ES 5 minutes.

Now testing through the bottom of the base.

Gawd. Range like behaviour.

ES 5 minutes.

Testing the top of the base again.

ES 5 minutes. Sudden move up above R1. Forming a base. For the market's next trick ... we will see. Looking to trade for about an hour. Scalps on ES of course, if I catch a move. And day trades on some stocks I am watching, again, if a move cooperates. Ha ha. Expecting a short trading day for me. An...

ES 60 minutes.

Moved up from a box on Tuesday.

Moved up from a very tight range this morning.

Through R1.

ES daily.

Moved up off the trendline.

Way above the EMA 20.

Eyes on the top, which is very close.

Bullish marubozu under way for today.

ES 5 minutes.

Very nice move up. 30 points.

I missed it. But who cares? Another bus comes along tomorrow.

Have a good afternoon.

ES 60 minutes.

Rocket ship, breaking out of the box.

To the Moon, Alice.

ES daily.

Bullish engulfing candle.

Sitting like birds on a wire on the trendline.

Well above the EMA 20.

Eyes on the top.

SPY 15 minutes.

Gap fill. Gap fill.

Playable as day trades, but no direction.

Dow 30.

About even between the greens and the reds.

Back later ...

Index futures and ETFs.

Two up. Two down. Although NQ, MNQ and QQQs are trying to turn down.

ES 5 minutes.

Down since the open.

Testing down beneath the Pivot.

Look out below.

Beneath the EMA 20.

ES 60 minutes.

Trading range since Friday.

Sitting on the Pivot. Danger zone.