Cobra's Market View

we go to new ATH today? not a good start for bears, same game on my sell side. more selling to scale out.

A BachNut Election Day Post:

Gapolicious... We have been getting gaps daily.

NYMO has risen out of the lower turn zone and gotten back to the zero line.
2 closes above zero and the model flips from down cycle to up cycle.
Until then, cycle is down, and this move can be viewed as corrective.

Price has returned to the middle keltner band. Probably a good place to be before the election results come in.
NYMO gave us a tell on Friday as it was positively divergent while price was making lows.
There is an up gap just a bit higher at 3390.68 that may want to close today.
After that a fair distance to next gap above or below.
Just a guess, but price may want to go visit an outer keltner band (high or low) after the election. We shall see whether and which...

I am still short runners in SPX and R2K. Scales in the bank allow me to be patient here.
Planning to do nothing for now, though I am working day trades in this volatile environment.

watch MA support, two level of support for now, 3366 will be break even point for me any thing lower will be a green day for my sell side.

Breakout to the new day high with strong bull bar in the next couple of bars then it'd be an uptrend day. Looks good so far.

Keep pushing tomorrow then I will say bulls set to test the new ATH.

Ascending triangle, breakout is more likely.

Updated the breakout point, touch again, a breakout would be more likely.

The very first test of EMA20 in 2+ hours which usually is buy, watch for EMA buy setup. The setup might be good for a scalp only and if more strong red bar from here then better wait for H3, H4 something, i.e. skip the very first couple of rebound attempt.

IWM
Bullish Island Gap

Back to the basic, bears need LL for down trend confirmation, so bulls will fight their heart out.

No comments, I don't know what the market is doing. Maybe we'll be like this until the close then everyone watch TV tonight...

11/3 zh re: JPM
“… the same bullshit that banks have subjected their clients to for the past 6 months, first claiming Trump is good for stocks, then Biden, then a Blue Wave, then a Red Wave, flip-flopping daily to make each and every outcome bullish, just to prevent clients from selling stocks.

Fib measurement, good but to be bullish bulls need to regain price above 61.8%. we are in a no man's land between 38.2 -61.8%

On a moving averages: 20/50 MA are resistance. 60 min scale to show the finer detail.

Bottom line the Classical TA is bearish leaning overall

Go Out and VOTE!

Hard to say whether this rebound means the low was in. Generally I need see a double bottom (higher low or slightly lower low).

3 push down? I think bears still have a high chance to see 3333 ES

Cobra wrote:Hard to say whether this rebound means the low was in. Generally I need see a double bottom (higher low or slightly lower low).

Likely we get a round of selling to the close, money taken off the table into elections.

Cash SPX Fib, bears need to jump in here hard or else!!!