Cobra's Market View

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Tested the horizontal blue line several times, another test it might not hold, so the chart favors bears a little bit - kind like a Descending Triangle here.

members only update starts here: http://www.cobrasmarketview.com/2013/09 ... ay-update/

watch the neckline SPX 60m..

revisit yesterday's low, key time. higher low here then the low was in. so wait.

SPX 60m... on support.. break it.. could see a sharp move to fill the gap?

Sold my shorts 169.56. Out for now - have to go look at someone's plumbing.

Daily snog is still down but hourly snog turned up. Bear might take a breather here.

Hourly Snog

I just covered my XLF short. Reason being $CPCE registed a bit too high yesterday. I plan to reenter in a few days.

volume surge, biggest red bar, previous low, so might see rebound here first then we'll see.

SPX 60m... a slow slow break.. with decreasing vol.. not so sure about this

Not sure what happened in china but…. no good

Head fake?

great rebound, looks like the low was in. I'd prefer to buy pullback (dashed blue arrow) though.

Long.

My summation index signal is up.
My composite trend signal is up.
Both signals eroded considerably yesterday.
Turns are possible by the end of the week if weakness continues.

Experiencing some drawdown here.
As NYMO has corrected back to the zero line, we are in the right neighborhood for a bounce if there is going to be one.
I don't expect my signals to turn today, but tomorrow is a possibility, which would re-orient me short.

Of particular concern for me at the moment is something I am seeing in my trend model.
The model includes factors for both the SPY and the S&P Index. Over the course of the year so far, declines have been characterized by the SPY being weaker in the model components than the underlying index.
Over the last few days however, the S&P index has been weak relative to the SPY. This is a change in character.
It may just be some rebalancing in underlying stocks into quarter end, but it could also be distribution.

VIX is doing nothing today. Is that supposed to be some kind of clue?

mini rebound target - must break above to prove bull.

jack black wrote:VIX is doing nothing today. Is that supposed to be some kind of clue?

retesting channel break?.. mind you there's a big open gap below.. VIX 15m

XLF on gap support
RYF is equal-weighted financials

Cobra wrote:great rebound, looks like the low was in. I'd prefer to buy pullback (dashed blue arrow) though.

So much for that pullback!