Cobra's Market View

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3 Push Down so 2 legged rebound?

members only update starts here: http://www.cobrasmarketview.com/2014/01 ... ay-update/

First a look at last weekends update as i think it was prophetic and raised some good points...then the current picture as i see it

Vote Cobra. glta

Update with Gann's help:

Thanks for the forum Cobra.

You know, I tried looking for investing forums on reddit once. I figured it was a hot place for dialogue that surely there has to be a place there with daily commentary, charts, etc, with a large user base. I tried googling things like

reddit bollinger bands
reddit macd
reddit double bottom
reddit stockcharts

and there is NOTHING. The only thing that comes up a little bit is bitcoin discussion. But the dow? S&P? gold? bonds? Nope.

This place is rare. Thanks again!

just short of the open gap, possible resistance... pop up... look for upper cyan, red. SPX 15m

VIX 15m... kinda break out of the diamond... head fake?....like the kinda break above the flag... may evolve into a pink triangle.. more chop till the weekend.

can you say neutral... http://www.aaii.com/sentimentsurvey/sent_results

bottom fishing on DBA.

Neutral. Profit stops on shorts.

My summation signal is down. Yesterday turned it.
My composite trend signal is down.

My signals are down, but my summation model presented an oversold extreme at the close yesterday.
That starts an exit process (via trailing stop) for my shorts. (Assuming the trend stays down, the position would probably get reloaded later if stopped.)
The long side of my book remains a problem.

In spite of yesterday's intense selloff, there was a nice little NYMO divergence at the close.
As of the open today, NYMO has made a higher high. We have to see how things progress, but perhaps a trip back to the zero line (or more) is on deck.

It is important to note that the December low has not yet been broken (not even by the Dow).
This looks to be an important neck line, if not now, perhaps down the road.
If we do get a rally in the days ahead, the 50 day MA looks like an interesting spot.

morning hourly black bar.

GOLD end of day chart.. so not updated till close.... but around 1242... $5 above.. the 50 day at 1237.. I'd imagine that will be tagged... loses it.. look for lower lows as it breaks down out of the red channel... if not. if holds.. needs to pop up above the cyan... I'd have to lean to a downwards move... the monthly chart close will be interesting tomorrow.

I have not seen anything to say that the buying is over on /ES even though the hourly is entering another selling zone. want to see the intraday buy fail first to go evil.

Update:

here's support area.

BachNut, this chart confirms your doubts in regard to summation.

Mr. BachNut wrote:Neutral. Profit stops on shorts.

My summation signal is down. Yesterday turned it.
My composite trend signal is down.

My signals are down, but my summation model presented an oversold extreme at the close yesterday.
That starts an exit process (via trailing stop) for my shorts. (Assuming the trend stays down, the position would probably get reloaded later if stopped.)
The long side of my book remains a problem.

In spite of yesterday's intense selloff, there was a nice little NYMO divergence at the close.
As of the open today, NYMO has made a higher high. We have to see how things progress, but perhaps a trip back to the zero line (or more) is on deck.

It is important to note that the December low has not yet been broken (not even by the Dow).
This looks to be an important neck line, if not now, perhaps down the road.
If we do get a rally in the days ahead, the 50 day MA looks like an interesting spot.

The attachment SPX NYMO 013014.jpg is no longer available