Cobra's Market View

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Don't think it'd be double bottom here, more likely to break it, but how low can it go, need wait and see.

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

Between SPX 50d 2057 and 50w 2024.

Interesting this level, this neckline/H&S .. that everyone talks about is the same level of the Mar/Jul 2015 lows we held twice and bounced, bottom right chart. Speaking of that chart.. for the uber bear head fake, and ultimate bull trap.. wedge up frantically in the cyan to 2125 by mid July.. and then crash back down through all the levels to the lower red 1730 just in time for the election.

Think that would pretty much push everyone over the edge. Insanely large expanding wedge.

VIX 60m.. messy invs H&S still hanging in, VIX 15m bearish rising wedge.

SPX pre-open opening near 2040 mind the gap. SPX 5m mind the red, cyan channel. H&S 60m.. 2 LS - 1 RS ? so far or not?

DXY testing 50d, overnight high.. over the 50… green trends very speculative .. invs H&S… pink wedge break.. measures up to 200d Daily. Watch your gold/oil today. FOMC day

GM

Still missing one move up 2051/6 ?
If double bb expect more but to soon...
H&S is ugly it cannot be ignored but from my experience if bull market 90% of fail figure...

Update on SPX:

SPX stalls at gap

buy @40

SOME THING LIKE THIS TODAY (GUESSING)

The major news today is supposed to be the oil inventory report. Yesterday API reported a draw of over 1 million but it wasn't large enough (they wanted 3 plus) so the traders sold it. After the close foreign markets moved it back to where it had been, perhaps anticipating that today's number would be what they wanted, like last week. Position reports show that major specs are balanced between longs and shorts so the trading houses could be mounting a squeeze. Again this is the time of year where the seasonal average is a draw and sometime in May usually a whopper in the area of 8 million.

morning hourly hollow red.

I like what I see on bullish trade .

Nevarrr evarrr going down again out @48 wait to reload.

TLT inverted hammer yesterday = not pretty today TLT very weak testing 50d/20d SMA

Long term look at MA 377 on SPX daily log. On a weekly chart I apply MA 75.

unusual to have all the banks in the lead

BullBear52x wrote:I like what I see on bullish trade .

it really really looks st uberbullish, bears just keep failing despite opportune set ups. this thing might pop big time (2070s) in a heartbeat...soon see

over the 50d 2058 level.. could see more up sharply.. some resistance here.. VIX takes out green trend 14.81 ish.. look for a possible sharp drop VIX sharp pop SPX