Cobra's Market View

Using MA as a stop. time to relax a bit now.

Al_Dente wrote: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

update
ERX squeeze stopped out
SOXS still going strong ... but on neg d

Kiss goodbye? For now the rebound looks like would be sold.

All fall down. DIA, IWM, QQQ, SPY. IWM breaking above the EMA 20.

Al_Dente wrote:....SOXS still going strong ... but on neg d

stopped out

Even the good take hits. That's all right. Setting up some value plays. Profit taking. Short selling. Maybe a bit ominous.

ES 5. Another test down.

Watch for possible double bottom here.

EPD having a good day.

ES 5. And another test down. Back later ...

Quick update...

Price has tagged the stranded benchmark at SPX 4086.23.
At the same time NYMO is flirting down by the Turn Zone.
There is an open gap target a few handles from here down at SPX 4079.95.
Perhaps bears could take this to the 50MA at SPX 4050.27.

So, we are getting to a neighborhood where some kind of low could be set... or not.

Still flat.

Gap closed.

First test of EMA20 in 2+ hours, should attract some sellers, watch for EMA short setup which sometimes is only good for a scalp though.

Done for the day.
Let do some chart study for tomorrow.

4065 is the other target but only 5 handles from today's low. we are too close for a good rebound area. now entering bulls honey hole area, a reversal or a dead cat bounce will be something I will look forward to.

Probably breakdown is more likely.

I will buy in if we hit 65ish. only way from here is up. Hahaha

$CPC is .99 from yesterday's closed. today it should be over 1, that is a panic level. if >1 I will be finding excuse to buy in. Peace!

for buyers.