Cobra's Market View

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Some resistances here, but I think bias is up.

Flat open, so likely just a range day.

Powell prepared testimony:
https://www.cnbc.com/2021/06/21/powell- ... ningsquawk

Al_Dente wrote:Powell prepared testimony:
https://www.cnbc.com/2021/06/21/powell- ... ningsquawk

I know he'd say: Inflation is temporary, nothing to worry. If you cannot afford a bread, you can always buy lamb!

I heard a funny saying: They're waiting after all the price up 25%, then the next year, compare to the 25% rise year, only rise 2%,then they'd say, told you the inflation is temporary.

ES, 5 DMA is pivot to pay attention to today. should be easy play for intraday.

SPY 15. "All quiet ... "

internals,bearish start this morning.

Dow 30. HD leading. BA trailing. Very little movement.

Dow Theory sell signal
Plus the rules for Dow Theory
https://www.sentimentrader.com/blog/the ... 1366687428

DIA and IWM down a bit. QQQ and SPY up a bit.

Alternatives. What goes up must come down. And vice versa. The more hands you play, the more the pros are gonna getcha.

Buy the dip, there will be a pull back even if this buy dip on a daily were to be success, a bearish reversal today will be worrisome to the bull camp. Up and Up.........only.

ES daily. Very strong bull bar yesterday. A doji today. Going back to the top? Another dip first? Call? Raise? Fold?

The EMA 20 is flatlining.

ES, Overnight high is another key resistance, a breakout I will eye 4235ish.

same playbook, half out or wait for new buy setup.

ES five minutes. Moving up to resistance.

Taking a break ...

Sellers will step in, but not my sell day today. good counter trend sell setup will see what's the outcomes. dips will be bought. two buy coupons left for intraday.

So it's an uptrend day again.

Maybe a pullback here first which likely would be bought.

If we get to 4235ish before a pulse, I will have to change side, the day still young. unless there is a pulse to buy so that the market can hold up sideways to the rest of a day.