Cobra's Market View

Starting to look like a big old rounded top. Time will tell.

Sorry, my guess is wrong. This is all news related. US is evacuating embassys in several middle eastern countries and flying staff family members out.

Sitting on the edge of the cliff. Bulls really need to hold the line or things will spiral on down.

Nice break and retest from above of the down trend line. Obvious target was the opening print. Guessing we hover waiting for the Thursday inflation data.

Bulls need to shift the narrative to Fed rate cuts because earnings are not supposed to be increasing.

Failed to test the overnight spike high. Not looking good for bulls now.

_ 2025_06_05 (12_29_09 PM).png I marked this up after the opening swing, so that is more or less a guess at the ABC that happened to work out. However, if Non Farm payrolls ruins the bull party and today proves to be a durable top the count is there. Several higher time frame waves are ready for a ...

I added the Fib levels for the white sub minuette much earlier today. If wave 4 is an ABC bouncing off the multi day POC would be a good move.

Pretty clear we are forming a double distribution. If we don't move on up it could be a pretty good drop back down to support.

Petty easy to pick out support and resistance. Only question is will we stay stuck until non-farm payrolls on Friday.

Got a lower low, so count down is on for today's top. Did not see much activity at the 90 level. Lots of activity at 80.

Not sure how far they will go today.Fibs are still saying ready for a reversal at any time. Personally confident that options positiong and CTA funds are what is moving this market up at such an artificial pace.

Not so sure I have the right level (sub minuette) but the Fib levels are saying stick me with a fork this impulse wave has run it's course. Or not !

This could be a good spot for the days high.

Wide angle of the same chart to give it some context. IF you had shorted after the failed TACO high wouldn't this area be the obvious choice for a stop? For swing traders that is.

This is my 30 minute with 5 minute equivalent tick chart. Order Flow trade detector saying major level (last several days high) is being decided.

This is the most negative outlook I follow. Haven't changed anything for several days. He is counting everything as a large time frame pull back from a primary down trend.

2025_06_02 (10_08_33 AM).png 30 minute equivalent. Fib levels say we are going up with the Atlanta Fed GDP now. My bigger problem is we are within the minimum move for wave 3's of a couple of higher degrees. So , following the rules, the summer swoon is on deck. The only question is where will the ...

Big picture from 10,000 feet. 50 day providing support, but if this is just a monumental short squeeze then we are running out of momentum.

Trying out a linear regression indicator. Center line changes based on bar close while outer color based on regression channel direction. So far I like it. Called dpLRL.
Also upgraded to the 4 day old release of Ninja Trader. I like the improvements.

Of course by the time I got that posted we had a breakout. Lets see if it can go anywhere.