Cobra's Market View

XLF lower lows
30min

Failed bid up auction 3rd morning.

MRK and SFM doing well. Later ...

Bottom panel is FOUR HORSEMEN
Daily, 20ema RSI-5

Okay, next setup. resistance is clear now, a LL will make today a down trend day.

Pick-up trucks.

As we knew in advance our 4 liter engine in our elderly Land Rover was not up to the task of hauling our new 7,500 lb Airstream so we went shopping for a pick-up truck after the first of the year. Gave up after two months and bought a used SUV with 5.6 liter V8 as an interim solution while we wait for Detroit to get it's act together. Son-in-law sold the Land Rover for us 20% over what the Blue Book said we should get.

Internals
Note how bullish the QQQ options traders are (gray dash behind top panel)

Al_Dente wrote:..........Note how bullish the QQQ options traders are (gray dash behind top panel)

You could see that on your 5min chart when QQQ went LL and call buyers printed a positive diverg

The action so far says it's a range day, neither slow bull day nor downtrend day. Probably the low was in for today.

same playbook, no new LL from here then it's a range day.

Bear option is not available. Bulls turn first.

https://www.marketpulse.com/20210610/in ... d-extends/

Investors shrug off hot CPI report, fresh record highs

The pullback will be bought.

SPY 5. Getting squeezed by resistance and the EMA 20.

Daily 2x top setup is on. for right or wrong tomorrow will tell. see the past recent 2x top sell setup. for intraday, no new HH will still result in negative price action, will see on that.

Intraday, a failure to hold up above 4238 will result in negative price action that could bring the market down following day. so....bulls will need to keep this up and up and up to new HH.

Houston over......over

Back on sell mode now.

Decision time !