Cobra's Market View

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Testing Sunday night low, the previous bar was a huge red bar indicating exhaustion, so I think should be a rebound here first then we'll see. Not good, if you remember how in the past bulls go, up and up and up, no rest, no pullback, but nowadays it's different...

SPX.. lower trends to watch.

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

http://www.zerohedge.com/news/2015-01-2 ... ling-panic

*NYSE SAYS RULE 48 INVOKED FOR MARKET OPEN
*NYSE SAYS MANDATORY OPENING INDICATIONS ARE NOT REQUIRED

As WSJ explains, basically it means the designated market makers “will not have to disseminate price indications before the bell, making it easier and faster to open stocks.

This daily SPY MACD bullish cross could be similar to the April 2014 one. Price immediately drifted lower for 4 days but that was a total fakeout. In reality, price kept rising for 3 months.

Long 202.96

too stretched, should see a rebound first then we'll see.

Overview:

SPX

INDEX days TLT new high again

On MSFT earnings yesterday, the Nasdaq 100 gapped down from 5:00 PM to 6:00 PM and never filled the gap. Not to mention the Sunday evening futures gapped down big. While this appears to have near term bearish implications, we also know that futures gaps like this are rarely left unfilled over time, so more than likely today will be bought up again and completely engulfed in the future (no way to know how long though).

At least the XLE is in the green.

NDX

BPs are only slightly down:

http://stockcharts.com/freecharts/candl ... BPFINA|B|0

Sold long. I'm out. Will come back later.

15min and 30min timeframe, IWM holding comfortably above its 200bar ema.

SPY struggling to rise above it. This is smallcap RS leadership.

we get a weak bounce.. could say another H&S SPX 5m.. on support on the 60m atm

MSFT still down 10%

NYSE breadth fading here. Naz adv issues holding near hod tho.

One would think that this gap will not fill today. But who knows?