Cobra's Market View

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Don't know what pattern it is. Maybe a rebound then down again to make a 3 push down before a bottom can be possible?

Gap down open so could be a trend day either up or down.

Watch the bottom range. hard rebound or breakdown to mark a change in major trend?

SPY 15. Down a bit from the previous close. Showing some chop.

ES daily. Down beneath the EMA 20. Tons of room below.

ES 5 minutes. "Houston, we have some chop." Al Brooks calls it barbed wire. The worst place to make a play.

Dow 30. A whole lotta red.

Taking a break ...

Daily chart, as of yesterday’s close:
The equity put/call ratio (inverted here so it becomes the call/put ratio), 3ma, has been bear-spy all month

Alternatives. DBC, USO and UUP up. The rest down. Later ...

ES 5. Testing beneath support. One foot in the water. Ha ha. Now for the break ...

SOXS is attempting to squeeze. That makes sense.
More interestingly ERX is squeezing also. Yup that's the 2x bull XLE. Bull energy. Who knew. I guess it's the CPI

SPY, You know you want to break 410, you know you do.

could be a head fake breakdown. got to be quick with this crazy world.

Intraday, beak down, no return allowed.!!!!

The breakdown may mean it's a downtrend day if no sharp rebound current bar (which is typical breakdown then sharp reversal).

Yep, I knew it. sitting out now. wait for new sell setup.

SPX daily
Breaks the box
If the breakdown can hold, the first target is a test of that old gap from early april at 4024-4032
[80% of gaps get filled]

AAPL+MSFT+GOOG+AMZN+FB combined is down -1.8% today

well lookie there
who is up 2+% on the dow today
CVX
all alone up there

Strong bears today, I am chasing the down trend with da bears today.