Cobra's Market View

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I don't think it'd be a double top here, I think bias is up.

Small gap up so probably just a range day.

roll over Friday. Thought something was wrong with my data feed at first. Going to do other things today. Everyone have a good weekend and get ready for next week!

SPY daily. Trying to move up out of the base. A doji at this point.

It's a morning hourly filled black bar

Dow 30. About even for the greens and the reds. Quiet day.

Back later ...

Mr. B with not much to say.

NYMO cycle remains up but the NYMO high on June 1 remains unbeat.
So, we have a negative NYMO divergence.
However, as long as NYMO stays positive, bulls have some edge.
Perhaps the top is in, but it takes negative NYMOs to declare the cycle down.

Pricewise, another day another gap.
If today's gap does not close, we will have a stack of 11 down gaps.
Usually when there is such an abundance, a move comes along to at least close a couple.

Price has basically gone flat with a slight upward bias. It has been over a month since the last touch of the upper keltner.
Maybe bulls have run out of gas. Maybe they are just taking a rest. I don't know.
The keltner band is getting on the narrow side.
When the band is narrow, it is good to prepare for a bout of volatility, but low vol slow/no trend conditions can continue for awhile.

I remain flat SPX and long an R2K runner position.
I could get long some SPX (but don't really want to) if the index progresses after the contract roll.

Can the bear get bearish engulfing today? just because.

I don't know what day it is so far: Breakdown the blue line decisively then it's a downtrend day. My guess is a range day, even breakdown does happen, it'd probably be a breakdown then reversal up, won't be a real breakdown.

Today is one of an easy ride that bears have not seen in weeks.

AAPL 5 minute.

SPY 5 min. Coming up for air, to the previous close. Been listening to the audio book "Thunderball," the James Bond novel by Ian Fleming, with lots of underwater action, and the characters oftentimes desperately coming up for air.

Told you the breakdown cannot be trusted. The low might be in for today.

The pullback should be bought.

Well, guess that's it for today. Here's what the next Monday looks like: https://stockcharts.com/public/1684859/ ... /533449377

Thank you guys, I'll see you in another thread soon.

Before the close, please take a little time to vote for me, thanks: https://stockcharts.com/public/1684859/ ... /533449377