Cobra's Market View

Mr. BachNut wrote: Pricewise, we have an open down gap at SPX 4017.77 that is close enough to be a magnet for closure.
We also have a benchmark for this NYMO cycle at SPX 3997.76.

Gap closed. Let's see if we can tag that benchmark...

JFR, do you use WM%R on a 1 minute chart? Can I ask what parameter do you use for the 1 minute chart? Thx!

DMAC's count is holding up. For reference I have a Bollinger band, 200, 50 and 20 SMAs making it hard to read. Ninja's McClellan for the S&P and PPos for both the 50 and 200 day SMAs. All well and nice but the real deal is the Fib extensions projecting Wave 1 from the top of Wave 2, which looks like the pro's estimates of around 3,100 or under are pretty realistic for a Bear's spring. Bulls turn supposed to happen this fall.

It's a confirmed downtrend day now. Again downtrend day is not as easy trade as uptrend day as it mostly has a sharp rebound before the close.

Daily bottom fishing, elder impose system bar on $BPSPX will help to see rock bottom or a bottom if not DE-bottom. intraday price action is the real deal for the early bird. so far nothing to see for bulls.

Very steep intraday, the Hero died on the battle field, very few made it home with good limbs. patience!

Acceleration and narrowing, meaning buy on dip has dried up.

te_fern wrote:JFR, do you use WM%R on a 1 minute chart? Can I ask what parameter do you use for the 1 minute chart? Thx!

Hey, te_fern.

For a one minute on SPY on StockCharts I use a variety of indicators, switching them up like a golfer with his clubs. Here is a one minute with the Williams. It is very fast and clear. I like the Williams very much, but I prefer the Stoch. It is the first indicator that really struck home with me back in the 1990s.

NOT MARKET RELATED
"Osteen" was trending on twitter earlier today:
"Pastor Joel Osteen pays himself an annual salary of $54,000,000 from his church profits. He had a custom garage built with 20 car stalls for each of his custom vehicles. His favorite is a Ferrari 458 Italia that cost $270,000. He lives in a 70,000 sq ft mansion.

More churchy stuff:
SEC: "We allege that the LDS [Momon] Church’s investment manager, with the Church’s knowledge, went to great lengths to avoid disclosing the Church’s investments... the church agreed to pay a $4 million penalty...
https://www.zerohedge.com/political/sec ... -portfolio

Turning point - take 2... waiting to see a break above top of range.

There was an inverse-Head & Shoulders on the VIX and it broke above the neckline (cyan) today.
You know the drill

Inflation expectation keep moving up, while M1 and M2 suggest deflation. as long as my beer is still cheap it's new normal.

My Red line, in search for Positive price action continue......

SPY 15 minute.

Momentum south bound.

The Mo is to Go Lo.

Distribution top or we are having a big shakeout again. Waiting on the landing zone.

Cash SPX for the year, looking down to support.

No conclusion, just an observation: The rebound this time is stronger than the previous time (green arrows). Finally bulls might have some chances.

WHAT!!! Corporations have to pay!!!
I'll believe it when I see it.
"EPA Orders Norfolk Southern [NSC] To Pay for East Palestine Cleanup"
https://www.rollingstone.com/politics/p ... 234683572/