Cobra's Market View

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Testing the previous low via seemingly exhaustion bar (largest red and vol surge), so I say a rebound here first then we'll see.

members only update starts here: http://www.cobrasmarketview.com/2015/01 ... ay-update/

/es 1hr 4hr .. as with the SPY .. possible diamond.. need to watch for a pullback .. if it happens.. red dashed/pink then yellow trend support http://thepatternsite.com/diamondt.html

reaction to JPM bad earnings

US had the 'expected' below expectations miss on retail sales this a.m. which led to the drop on the S&P futures below 2000 to 1990. Based on the predictions I've seen for the USD/JPY pair, I'm expecting both to go down today. USD/JPY pair is said to find support at the last low of 115.55 (right now at 116.55).

Today could be a lower low compared to 1/6. That would confirm daily SPY is in wave c down (of the overall ABC correction starting on 12/30).

A lot of people seem to be mentally resisting this correction overall. Many failed calls of a v bottom, and many seem to be in disbelief that it is possible to keep dropping. I expect when the bottom comes, most will be too exhausted to correctly call it! Now some double bottom calls are coming out (which again I expect will also fail).

But the truth is, most corrections are ABC and one should expect them.

possible hammer $WTIC

too stretched, so a rebound first then we'll see. I'd be surprised if not sharp rebound at open.

SPX going for the gap fill.. on key support.. breaks.. look for lower red...

VIX into key resistance.. break above.. it could get very ugly

fehro wrote:possible hammer $WTIC

EOD yesterday's close

INDEX Dailies.. NDX breaks 4100 level.. then it could add to the downside pressure

Al_Dente wrote:

fehro wrote:possible hammer $WTIC

EOD yesterday's close

yes… sorry meant to say it is a hammer.. should of not said possible! .. need way more coffee!

So copper isn't such a great biz right now......

For whoever wants to long Crude !

INDEX day.. 6m.. some basic lines.. on/near key support

morning hourly hollow red.

for knife jugglers.. possible minor invs H&S USO.. 5m… if it plays out target red long term downtrend.. mind the gap(s)