Cobra's Market View

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For now it looks like a bear flag so bias is a little little bit down.

Flat open, likely just a range day.

note NFLX

The NYMO cycle is confirmed down with two closes below the zero line.
The cycle high was set April 6th giving us a benchmark price of SPX 4086.23.
The model gives odds of price being below the benchmark at the cycle low whenever that occurs.
That said, this bull has left us with a stranded benchmark from November at 3642.31.
All stranded benchmarks are likely to get closed eventually, but it will be at a time of Mr. Market's choosing.

At present, we have two open gaps above and seven below to serve as potential targets.
Price has come back inside the upper keltner band.
Bulls need to get price back up on top of the upper keltner in the next few sessions, or bears get odds for a trip to the middle keltner (or more).
As usual, I don't know what will happen.
I kind of feel like Mr. Market wants to get everyone off-sides and mess with everyone's head for awhile before the next trendy move, but let's see what happens.

I remain long a runner position in SPX. I am flat R2K.
I had a R2K long last post that was closed down some.
Short setups are incubating in both indexes.

The breakout could mean it's an uptrend day.

ES daily. Sliding downhill. Forming a base.

Dow 30. More green than red.

John Mauldin: “All it takes to create a bull market is for buyers to show up. All it takes to create a bear market is for the buyers to disappear.
Just reading the zeitgeist, I don’t think they’re going to disappear for a while.
"I am not bearish. I am 100% invested and as aggressive as I have ever been in my life. Just not in index funds.

MUST SEE: the first two tables:
https://www.zerohedge.com/markets/marke ... to+zero%29

BULLISH:
The Architecture Billings Index is a leading indicator primarily for new Commercial Real Estate because FIRST you hire and bill an architect, then you get your building permits, then etc.
https://www.calculatedriskblog.com/2021 ... ated+Risk)

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Al_Dente wrote:BULLISH:
The Architecture Billings Index is a leading indicator primarily for new Commercial Real Estate because FIRST you hire and bill an architect, then you get your building permits, then etc.

Some stocks hitting 3 month highs. Back later ...

TA technical analysis:
Double top target (red boxes). Check.
Bounce at double bottom (lime arrows). Check.
Break out above downward sloping channel. Check.
That means a descending triangle with a measured move target (lime box) ? Please feel free to show me a better possibility here…. It can always break down, but odds slightly favor up ...
http://thepatternsite.com/dt.html

at the moment:
advancers are 4x decliners
and up volume is 5x down volume

[add]
haven’t seen that much AD strength since 26 March and 1 April

First touch of EMA20 in 2+ hours, should be a buy but sometimes it's just good for a scalp.

C&H, bias is up.

BULLISH ENGULFING on the daily ...
[depends on the price at the close]
http://thepatternsite.com/BullEngulfing.html

Miners are on track to reach their Inverse H&S target, but need to break above this last resistance (red arrows)
Daily