Cobra's Market View

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So far the overnight rebound looks like a bear flag.

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

sell first.

$BP second red day. also less than 50% of stocks in SPX trades over 20 DMA.

Bearish crossed. how much down this time before a crossing back to positive? that remain to be seen.

It's a morning hourly hollow red.

testing yesterday's low will not hold. the PJ warriors well bail.

My guess will be a late day sell off.

We may have the range high and low of the day.

IFtesting the low of yesterday, it will not hold so don't try to be cute bulls.

Options traders were happy with calls this morning
Then they flipped to puts
AD has been weak for three days

Looks like the NYMO Cycle will confirm down today with a second close below the zero line. Let's see what happens.

We have a nice stack of open gaps below for a target set.
We are making an inside day so far.
Tomorrow's triple witching day could be a decider or perhaps a trap.

Bulls look tired but BTFD is firmly engrained. So, who knows...
Over the last year, almost every NYMO up cycle resulted in a price tag of the upper keltner band, but this recent one failed to do so.
The last exception happened to be the up cycle in front of the March expiration. Following a low a few days after that expiration, the bulls asserted themselves.
Perhaps we get the same phenomenon this time around too. I don't know. Price has been comparatively anemic in the lead-up this time.
The keltner band continues to narrow, which could be setting up a big summer move.

I remain long an R2K runner position, which got a snug profit stop put on this morning.
Short setups are percolating.

Hugging MA, 5 min. only internals will set you free.

SPY 15. All over yesterday's close. At precisely that price.

DIA and IWM down. QQQ up. SPY flat. Strange days.

Alternatives. DBC, IAU, SPYV and USO down. SPYG, TLT and UUP up.

Chart for the road: buying is for diamond hands only, southbound train is about to take off, chooo chuuuu, see you next week, Peace!!!

Place your bets. 4 winners and 4 losers on the Dow. Clean charts, no chop, like the big boys are all in agreement. More like a casino than a stock market. Get in step with the money.

Now flat.

Mr. BachNut wrote: I remain long an R2K runner position, which got a snug profit stop put on this morning.

ES daily. Down day yesterday. Sitting on the EMA 20. A doji so far today, as in flat.