Cobra's Market View

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Revisit previous low, key time, a sharp rebound here would mean the short-term low was in, so no failure allowed for bears from now on.

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

Morning Hightower PM circus blurb, a miner note. GLTA. JOHANNESBURG, Aug 21 (Reuters) - Six weeks of wage talks between South African gold producers and unions have failed to bridge the chasm between their positions, increasing the prospect of crippling strikes in a declining industry battling low prices and soaring costs

XOM---interesting if only because of the stat that 20 of the last 21 daily bars have been red:

EMA @ 70 on the daily.

SPX 60m. mind the morning gap.. and lower gaps.. possible another H&S.. not the best pattern, and the neckline could be slightly lower with yesterday being the shoulder..

morning hourly hollow red bar again.
https://stockcharts.com/public/1684859/ ... /296353091;

SPX 15m... possible triangle as we wait for the FED today..

Checking in on a long term 60 min
(Pls disregard my comment in the chart "a bit lower than recent low"..)

SPY trying to regain this 50 ma....next level of support is around 100 ma and this trendline support....

double top?

Al are we about 70/30 decliners to advancers?

double bottom? anyway, it's key time for bears, need a decisive breakdown.

Update:

(Correction: if red ellipse fails next ellipse support is at 34 and something, not at 37)

TraderGirl wrote:SPY trying to regain this 50 ma....next level of support is around 100 ma and this trendline support....

Yeah, I've got the same level of drawback support with ellipse, it's 34.30 (and not 37 as I wrote in my last post)

price action in the last tow days

IWM; C&H setup, with $102.25 being the neckline?

Partial short. No change.
Stop came close but did not hit yesterday.
Tightened a little little bit more today.

My summation index signal is down.
My composite trend indicator signal is down.

Yesterday cleared the acute NYMO oversold condition but left a ways to go to get back to what might be considered neutral territory.
It would seem unusual to me if the downtrend just proceeded onward after such a brief pause. Market can do what it wants though.
Perhaps we'll see a move up after FOMC minutes or perhaps a more solid low will get set from which the oversold condition can get worked off.

L_T wrote:Al are we about 70/30 decliners to advancers?

5 min internals
nydec > 2000 bear
decliners-to-advancers ratio 2.68 to 1