Cobra's Market View

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Channel, I see nothing wrong, most likely this pullback would be bought.

members only update starts here: http://www.cobrasmarketview.com/2014/04 ... ay-update/

SPX 5m.. possible minor H&S ... take your pick of necklines.. shoulder in?.. or bounce and put RS in?.. mind the trend lines.. and the minor open gaps from yesterday afternoon ... see in zoomed area.

This pig gonna bleed today

GTA

SPX 5m

TOS squawk just said the opening was like a "flea on crack - jumping all over..."

New Home sales report is in a few minutes at 10:00 ET: estimate 450k
Existing home sales reported green yesterday: 4.59M vs estimate 4.55M

Al_Dente wrote:New Home sales report is in a few minutes at 10:00 ET: estimate 450k
Existing home sales reported green yesterday: 4.59M vs estimate 4.55M

Is good news bad for market or good? I don't know how to read news anymore.

VIX 15m... pressing resistance.

SPX 5m... filled morning gap.. neckline kinda restest.... target almost hit.. ...intial red channel support...

Housing 384,000

VIX 15m.. next resistance...

SPX 5m.. next support ..H&S target hit.. mind lower open gap..

Out of Bounds wrote:

Al_Dente wrote:New Home sales report is in a few minutes at 10:00 ET: estimate 450k
Existing home sales reported green yesterday: 4.59M vs estimate 4.55M

Is good news bad for market or good? I don't know how to read news anymore.

New Home sales report came in red at 384k vs estimate 450k THAT’S BAD
Existing home sales reported green yesterday: 4.59M THAT’S GOOD

Also good: Stronger Europe Business Activity. The Flash PMI for the region hit a new 35-month high in April. Peripheral Europe saw its fastest pace of growth since May 2011, according to the report
Also good-ish (but China is down) China PMI Ticks Up. The reading for April hit a two-month high but at 48.3 is still contracting

Al_Dente wrote:

Out of Bounds wrote:

Al_Dente wrote:New Home sales report is in a few minutes at 10:00 ET: estimate 450k
Existing home sales reported green yesterday: 4.59M vs estimate 4.55M

Is good news bad for market or good? I don't know how to read news anymore.

New Home sales report came in red at 384k vs estimate 450k THAT’S BAD
Existing home sales reported green yesterday: 4.59M THAT’S GOOD

Also good: Stronger Europe Business Activity. The Flash PMI for the region hit a new 35-month high in April. Peripheral Europe saw its fastest pace of growth since May 2011, according to the report
Also good-ish (but China is down) China PMI Ticks Up. The reading for April hit a two-month high but at 48.3 is still contracting

I was referring to the market habit of rising on bad news as it may infer that the FED would continue support.

Out of Bounds wrote: I was referring to the market habit of rising on bad news as it may infer that the FED would continue support.

Good point, as usual
Also:
Hourly:
Failed at box resistance
Now back-testing the 4/9 high

SPX 5m... possible pink retest.. or this is it for the bounce.. another H&S 2nd blue neckline.. messy... but similar to the first one

LOW and HD giving back recent gains.
CREE getting murdered - very long term support at 42.9.
IBM resuming drop - BEAR
AMZN looks just awful. well below yesterdays low.

Overall though BULLS are holding in really well. -