Cobra's Market View

Bulls clearly hitting a wall for now. If the market doesn't move soon then I think it won't. You know everybody who had to come in this morning is planning on going home at lunch time for a three and a half day weekend.

From my X feed. Most of the wave counters do have the spike as a five. We will see next week if it holds.

Here we go with the dip buyers pushing us back into familar territory.

ES 06-24 (37000 Tick) 2024_05_23 (12_34_37 PM).png Heat map shows how thin the buying was on the way up and the selling on the way down. Will be interesting to see this after the open tomorrow. Even more interesting will be the explanation from the talking heads as to why the selling with Nvidia up...

ES 06-24 (2000 Tick) 2024_05_23 (12_21_23 PM).png Gap filled, waiting for 0DTE options to go away and then we will see. Trying out some new to me indicators. Tan dash is the Klinger Volume Oscillator as an overlay. The green and red is it's signal line. Dash cyan in the center is it's zero line. It...

Convergent Trading (the volume levels in grey on my charts) has 5260 labeled as a key support zone. And that is about 15 points below the bottom of the (so far) half filled gap.

ES 06-24 (20 Minute) 2024_05_23 (11_17_44 AM).png Was not expecting this! The really good wave counter who's stuff is behind a paywall commented earlier today that the market has met the minimum requirement for the up move and could possibly be entering into a significant pullback. :o Of course eve...

Thinking the same thing, unfinished business. There is that Keynesian quote about markets staying irrational longer than you have capital to invest. But it does look like the Ponzi capital is pulling the surplus out of the market. The Nvidia pin bar at the top certainly could be the capitulation of ...

Volatility (VIX) options expiring, then more options expiring as we head into next week. Point being the market makers will be loosing their short term grip. In the mean time we are filling in the volume profile.

ES 06-24 (60 Minute) 2024_05_23 (7_47_36 AM).png Early weekend reading- My best guess Nvidia and Microsoft are playing the same old cooking the books game we have seen so many times in the past. This quarter the results confirm that Nvidia management is running their old game plan. Interesting that...

No idea why 5336 is important area, but it sure has my interest.

It seems that the quick drop was the Fed RRepo announcement at 1:17 eastern. Demand down some from prior.

Stick this move with a fork, it sure looks done to me. Nvidia reports in a week. Guessing we drift around until then.

Elliott Wave (By me) saying a bit more to go. RSI and MFI both saying not much left as we are over bought.

Are we there yet?

ES 06-24 (2000 Tick) 2024_05_15 (8_24_17 AM).png Standard 2,000 tick Price Action chart. Point being the machine drawn regression channel says to me they turned on the algo botts. :) No idea where they are going but apparently declining retail sales confirming that the consumer is done firmed up be...

Same chart but regular hours only. MFI not overbought.

It is what it is- Note the RSI and MFI both saying overbought on this chart.

ES 06-24 (60 Minute) 2024_05_14 (11_53_04 AM).png I am probably wrong on this but the drop for PPI followed by the impulse up this afternoon is matching the pattern I had previously laid down. We will see where we are really at after tomorrows data, Friday's option expiration and Buy the Market Mon...

Serious buying going on. Hard not to call this an impulse.