Cobra's Market View

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Maybe we have a head and shoulders top here, which mostly would fail though so I won't count on it.

Gap down below yesterday's range so likely a trend day either up or down.

SPY 5. Dropping like a rock.

ES daily. Down to the EMA 20. Largest red bar since March.

SPY 5. Hitting the brakes. Trying to find some support.

Back a bit later.

Breakdown to a new day low with strong bear bar in the next several bars then it's a downtrend day.

internals
view of the SHORT side

SPY 5. Pushing down.

A little late but the breakdown may have confirmed it's a downtrend day. A down from open to close day has been rare so usually a later day rebound is expected.

SPXU. Makin' hay when the sun don't shine. Plan B. Gotta like the inverse ETFs when the market heads south.

ARKK (cathie wood) is down -4.29% today
now touching her 200sma, daily

Dow 30. More red than green. But it is not completely one-sided.

BIG TECH
Daily with 20sma

Alternatives.

Strong breakout from here then bears are over. In theory it's the very first test of EMA20 in 2+ hours so should be sold, I just have no confidences in any bear setup.

spy box in a box, first target met (cyan)
qqq box, target roughly met (cyan)
not shown here SPX drop-dead stop is 4120, below that is the much needed 6+% correction
30min

CNBC is blaming janet yellen for her comments
"... rates will have to rise..."

COMMODITIES
GENERALLY:
top panel: rates up commodities down … dollar up commodities down … CANE = up suggests inflation … DBC Commodities vs 30yr yield = up suggests inflation
bottom panel: various commodities
6 months daily, default 20/50ma

TODAY
AAPL+MSFT+GOOG+AMZN+FB …. combined = down -2.84%
(worst is AAPL down -4.16%)