Cobra's Market View

SPX 60m

VIX daily outside of the BB band.. but possible invs H&S, not a clean/good pattern.. but just pointing it out should this down move really start to accelerate.

SPX 15m. one gap filled.. still an open lower one 1632-34ish area

volume surge, biggest red bar, so might see rebound here first. then we'll see.

Today the 10dma crossed over the 50dma just to continue the bearish theme

I also show 1635 (spx) as the next major support fwiw

Cobra wrote:morning hourly hollow red bar again. $SPY
http://stockcharts.com/public/1684859/c ... /296353091;

Is that suggestion to sell when it get filled? seem to recall that lows get revisited?
TIA

XLF, KRE both at 20+ day LOs

rebound here would mean 3 push down, bears need do more.

joegamma wrote:

Cobra wrote:morning hourly hollow red bar again. $SPY
http://stockcharts.com/public/1684859/c ... /296353091;

Is that suggestion to sell when it get filled? seem to recall that lows get revisited?
TIA

rebound means sell but since the morning rebound already failed, so this pattern was fulfilled I guess.

Cobra wrote:

joegamma wrote:

Cobra wrote:morning hourly hollow red bar again. $SPY
http://stockcharts.com/public/1684859/c ... /296353091;

Is that suggestion to sell when it get filled? seem to recall that lows get revisited?
TIA

rebound means sell but since the morning rebound already failed, so this pattern was fulfilled I guess.

thanks!

volume surge, may see rebound here which if indeed it's be 2 legged as it confirms 3 push down.

possible double bottom.

NUGT, up around 5% right now. Possible it could be bouncing back up again, looking for $105.50 short-term and $125-135 in next few months. But watch out for price of gold on a retracement, which should not go deeper than 1385 or it could be trouble. (yes I'm still long NUGT, but not as long as before (finally had a good short term exit but will get back in on the next bounce)

**oops forgot the chart. See it's close to lower BB and R1 pivot. I really like the long green volume bar just after 10:00 which although it led to the next down, it was more than the distribution.

SPX 60m another look

XLI and XLK, two widely-watched broad sector ETFs, both testing their 50day MAs today.

double bottom it is.

SPY 165 is not only the HOD, but also the next upside daily pivot --S2 (per Schwab, 164.99). This may be a spot some traders are looking at to re-short.

Out of the longs at 14816 and now reversed the trade at 14840 ( day trading )

my guess.

In the next chart I will zoom in the rectangle area