Cobra's Market View

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In a range, no direction. Maybe a little bull bias as it has more range high tests than low tests so far.

Small gap up so likely it's just a range day.

SPY daily. Extending the base, at the top.

SPY 15. Up from the previous close.

based on yesterday's price action. today is more bearish.

Failed auction, second day as of now.

It's a morning hourly filled black bar.

Leaders on the Dow.

SPY 5. Chopping along. Taking a break ...

I'll have to go outside now so will have no update until maybe before the close. Good luck trading everyone.

For now it looks like a range day, the current rebound may mean the range low even the low of the day was in.

I think tomorrow is when the new contract starts trading. I usually wait for Monday to roll but with this light summer volume I may be slower. FuturesTrader 71 is pretty good bout posting the exchange data showing what percent have rolled to the new expire. I will be reposting here when I see something.

Alternatives.

ES 5 minutes. Hitting the support and resistance levels, but chopping in a tight range.

Some plays have been available on the Dow. Back later ...

Looks like I didn't miss anything, so far it's a typical range day, down, up, down, up, now down again targeting range low, nothing to say. Just don't believe any move and trade oppositely for a range day.

Read the fine print- THIS US AN ESTIMATE

Almost to power hour. Will ON low get tested this time?

Don't forget tomorrow is CPI which should cause the market to rip one way or the other.

Going for 3rd bearish bar.

BullBear52x wrote:Going for 3rd bearish bar.

The rally since May 19 had lots of lots of bearish bar (9 out of 15 bars where open high go lower bar) and yet the market simply kept trying to go up and up even though couldn't up much, very strange.