Cobra's Market View

USDJPY bounce off from neck line.

Fehro- nice call on gold btw...I am still flat waiting for entry, no cycle clues at this point but believe still in down cycle. Tlt looking toppy and hui may be ripe for pop
Glta

a slow down trend day. bull did not get a huge gap so swing bull is over. meanwhile, TLT drop, USD up, crude up, so it will be slow. considering huge dump of USD in the past few days, there needs to be some realignment here on equities, meaning more downward pressure.

ES trying to double bottom. If it went up into the London close that would be typical. Or down into the London close.

hunterman wrote:Fehro- nice call on gold btw...I am still flat waiting for entry, no cycle clues at this point but believe still in down cycle. Tlt looking toppy and hui may be ripe for pop
Glta

YW. Hope you caught some, and more trying to hold… SPX .. NDX new LOD again, FB new LOD, VXX /VIX no new HOD ..yet...

I don't trust the center line of the blue channel. I much prefer support down at lower band of green BB 13/1 - now at SPX 1877. SPX might overshoot 1877 to the downside today, but I don't think it will close any lower. Traders with short positions tend to cover prior to leaving for the weekend.

Was going to post this wave count yesterday, but it's funny how when I post wave counts they sometimes don't come to fruition, but when I use them for myself they are more right than wrong...??? Weird how that works....

Anyways, I believe this is the reason for down today....QQQ's had 5 waves down for "a", up to "b", now down to "c"....

exceeded 100% mm, this bear shall have legs

picture means a thousand words.

Here's another count on SPY....5 waves up to "a", usually means price will go down to "b" then up to "c" which would be higher high than "a"..

Below 187.0 (beginning of wave a) and it has failed....

Astro wise, next week is bullish.....

fehro wrote:

hunterman wrote:Fehro- nice call on gold btw...I am still flat waiting for entry, no cycle clues at this point but believe still in down cycle. Tlt looking toppy and hui may be ripe for pop
Glta

YW. Hope you caught some, and more trying to hold… SPX .. NDX new LOD again, FB new LOD, VXX /VIX no new HOD ..yet...

Gold in a big down channel. I would like to see a capitulation or definite break out to long. I don't watch gold that often and closely so if I trade gold my horizon is much longer.

VIX near testing yesterday's HOD.. over it.. look out below index wise..

Dag Nabit, Zerohedge stole my Goldilocks analogy for the jobs report

fehro wrote:VIX near testing yesterday's HOD.. over it.. look out below index wise..

fearful market for sure. this weekly vix futures.

josephli wrote: Gold in a big down channel. I would like to see a capitulation or definite break out to long. I don't watch gold that often and closely so if I trade gold my horizon is much longer.

1175 next key level.. monthly "neckline" then may retest breakout level.. but longer term target then becomes $1300 M/W

I was stubbornly bullish yesterday, not any more.

Gold is pretty simple. The 50 DMA has been below the 200 dma for a long time. Bear market. Sell the rallies. (if you wanted to make the same case for SPY, I would not disagree with you).

It is 11:30 EST time for a bullish bounce.