Cobra's Market View

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Since this is the 2nd test of the previous rebound high so if it fails then the entire rebound is failed, key time, no sharp pullback allowed until new rebound high.

members only update starts here: http://www.cobrasmarketview.com/2016/05 ... ay-update/

SPX 20d 2078.55 key level today, also downtrend of the bull flag, over it with conviction I'd look for new all time highs. Mind yesterday's gap 2084.39-2083.29 and Tuesday's gap 2059-2063ish. VIX 60m still invs H&S if it can hold yesterday's lows..
/ES 30m has a sloppy invs H&S at the near the top move .. not a pattern I like.. but fwiw.. measure move = 2122 SPX. Crazy I know.

SPX - pre-open.. opening around 2073

GM

2072 like yesterday but today boat has some holes
*New Probability target 2040

more gaps/holes.. than swiss cheese.. mind the morning gap.

Sell @67

AAPL falling from the tree.. takes out 91-90 range.. measure move = $68 Desecending wedge daily.. = diamond weekly move = $70

fehro wrote:AAPL falling from the tree.. takes out 91-90 range.. measure move = $68 Desecending wedge daily.. = diamond weekly move = $70

so goes aapl, so goes market. this market might move monsterly down with her....next few days might be nuts...enjoy osos, retail sales and trumpmania to boot..

SPX hourly not pretty.. inverted hammer.. pennies away from gap fill channel.. support.. possible, VIX resistance.. not sure with AAPL's weakness.. under cuts Aug lows of $92..

morning hourly black bar.

http://www.aaii.com/sentimentsurvey/sent_results bulls vs bears.. neither at extremes.. neutral.. still heavy....

Red cycle on SPX daily might be valid. I had my doubts yesterday, but today's weakness confirms my suspicion.

out @60, looks like support at 5 dma is coming in.

Intraday trading signal I see no strength but here is short term chart support around 5 DMA, no new signal just something I am eyeing.

ES right at what the computer says is good support. Price action says weak and indecisive. Yen gaining strength, oil trying to hold on to the instant EIA gains from yesterday. I am still waiting for the Friday morning retail sales report. If it isn't bad could turn things around, but it could also confirm the consumer is pulling back. Everything is very confusing right now waiting for a narritive that ties things together.

SPX going for yesterday's gap

Can we sit on support till London closes?

SPX 50d 2053.55