Cobra's Market View

If you're StockCharts member, please do me a little favor by "vote" and the most importantly "follow" my public chart list HERE. You need "follow" only once but vote can be done everyday, so whenever you have time, please vote for me, thanks! If you're not StockCharts member, you can also help boosting my rank by clicking the link once everyday.

• Please, again, all my calls in the daily live update is for intra-day only, they're absolutely invalid when the closing bell rings. If you're interested in the forecast for days and weeks, Please subscribe my Daily Market Report.

• Personal attack on any board members won't be tolerated. Please limit your topic to trade related only.

• Please no direct link to your personal web site or blog. You must post rich contents here. You can, however, put link to your personal web site or blog as your signature.

• I'm very busy during the trading hour, so your question posted on board might not be answered. For a guaranteed answer to your question please send email to info@cobrasmarketview.com.

========================================================================================================================================================================

It's the 4th test of the line, unlikely will hold so breakout is likely.

Big gap up so could be a trend day either up or down.

SPY 15. Up a bit. A lot of chop Friday. All calm so far today. Ready for action.

Pbar from this morning (high of the bar 417.04/ low 416.40) and the one from last Friday afternoon (low is 414.94) fwiw

Dow 30. Whole lotta green. MSFT leading. Frequent leader/laggard BA at the bottom.

ES daily. Up off the EMA 20. No quit in the bulls.

SPY 5. Hitting the brakes, for the time being.

Do or die time for bulls as we test 91 area.

Keeps charging up with good looking bull bar then it's an uptrend day. At least now should be safe to say this bull shall have legs.

2nd test at 97.

Uptrend day not confirmed but breakout from here in the next couple of bars with good looking bull bar then it's an uptrend day. I see consolidation here so a breakout should be a little more likely.

The pullback should be bought.

SPY 5. Riding the EMA 20. ''Ridin' along in my automobile ... ''

Tuesday, May 25th
9:00 AM: S&P/Case-Shiller House Price Index for March.
10:00 AM: New Home Sales for April from the Census Bureau.
10:00 AM: Richmond Fed Survey of Manufacturing Activity for May.

“Based on this chart pullbacks only come when the Fed temporarily stops expanding or slightly reduces the balance sheet. New highs follow once the Fed's balance sheet makes new highs. $SPX is in essence a Fed balance sheet tracker.”
[Northman Trader]

Bulls should have earned another "the pull should be bought" status, aka this bull shall have legs.

From autochartist.

Channel Up for the S&P.

Have a good afternoon.