Cobra's Market View

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Sorry about server problem. The backup program made the disk full therefore everything was stopped.

Right now I don't see anything wrong on the Global ES, NORMALLY, this current pullback would be bought.

It's working.

SPX 60m

members only update starts here: http://www.cobrasmarketview.com/2013/08 ... ay-update/

morning gap not quite filled SPX 15m lines..

adv/decl 10:17.

SPX 15m... bounce off red channel? otherwise watch for a break...

messy SPX 15m... neckline break?

SPX 60m.. on 4 week support again.... break it.. could get ugly fast..

Strong move down. Be careful - this may not be the dip you want. /Jedi

It looks like what's important this morning is that on SPX the 5 DMA made a Bear Cross of the 20 DMA, and price was rejected (so far) at the 20 DMA. Note also (elsewhere) the USD is bouncing of off long term support and the Euro is retreating from the long term down trend resistance.

SPX 15m.. temporary pause?

Small short. Reduced exposure.

My summation index signal is down but has been improving. A few good days could turn it.
My composite trend indicator signal is up but has been deteriorating. A few bad days could turn it.

This is not a great market for me to carry a lot of exposure, but it may soon be.
I have been working a short per the summation index signal, but the market action since has choppy and neutral.
I can argue both ways and my signals are mixed.

I reduced exposure on discretion and may reload upon some clarity emerging.
I have been thinking chop into OPEX, but Mr. Market may pick a direction soon and go.
The R2K seems to be trading somewhat more cleanly and may be good for cues.
It has now broken the recent coil on both sides clearing stops.
The next move may be directional trade. Just a guess though...

So far they have played these pBars well . If this analysis means anything expect a rebound from here. If no rebound, lower trend line is the target.

let's see if once again the morning dip is bought. otherwise, NORMALLY, this bear shall have legs.

Holding full short. IF the VIX breaks 13.73 this bear shall truly have legs. It might take a day or two but it is coming soon.

Another coil to watch.
This one ought to break or morph into something else pretty soon.

Fed $2.32 billion reverse repo today