Cobra's Market View

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Maybe it's a rising wedge which actually doesn't say direction anyway.

Flat open so likely just a range day, a boring one. All eyes are on the Wednesday's rate decision which should be "no no inflation, don't worry, we'll keep printing money until everyone has lots of lots of paper"!

SPY daily. Although price is down a bit, the base is angling up. A doji so far.

SPY 5 minutes. The bears won the first half of Friday's action. The bulls won the second half. Choppy today, down a bit from the high and the previous close.

Mostly red on the Dow 30.

Alternatives. SPYV, TLT down. USO up.

Back later ...

Down channel looking to become a range. Gee wiz I wonder if the afternoon rally will get us back to Fridays close.

50% chances of double bottom here. Consolidation here would mean breakdown so bulls need a sharp rebound.

note squeeze on SOXL 5min

from the evil sites weekly events article.

02:00 PM FOMC statement, June 15-16 meeting: As discussed in our FOMC preview, we continue to expect the first hint about tapering in August or September, followed by a formal announcement in December and the start of tapering at the beginning of next year. Our best guess is that the dots will not show a hike in 2023, but it is a close call.

Possible descending triangle, so breakdown is a little bit more likely. Better a little consolidation here before the breakdown otherwise, probably the breakdown would not be for real.

It is very expensive to buy OTM puts (to speculate and/or to protect your portfolio)
SKEW is extreme, as of friday’s close

Handy tool: Margin Call Calculator
https://www.calculatorpro.com/calculato ... alculator/
Type in your BUY share price, type 50% initial margin and type 25% maintenance margin [some firms vary]

$NYAD swing sell triggered today. stop at ATH.

Very strong bull bar so guess the low was in for today. Once again, most breakout/breakdown simply are false.

Plenty of companies find ways around it …. and companies report earnings on various dates...
But in general FWIW today starts the buyback blackout period … until generally July 1

Well, guess that's it for today. Here's what Tuesday tomorrow looks like: https://stockcharts.com/public/1684859/ ... /533449374

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/ ... /533449374