Cobra's Market View

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this bull shall have legs.

members only update starts here: http://www.cobrasmarketview.com/2017/02 ... ay-update/

SPX gapping up to 2311ish mind the gap

a day like today will have to watch the show a little more, very overbought market.

I have 2309.50 as the ES overnight high set about 8 hours ago, Overnight low was 2304.75 about 4 hours ago.

Testing the water, I see Neg D. on /ES. sell here and will buy the dip when it comes.

Wishful thinking atm.

Bears may have limited vision today. Pretzel Logic claims a lot of bears "accidentally" broke their monitors yesterday. Yet another reason not to keep a loaded gun close to your trading desk!

Small Caps not buying it, havn't met overnight high and are trying to head south.

Failure rate of counter trend is very high especially on the bearish ones. but it's part of a success strategy. see it respect it if not make a move on it. but the opportunity is there with stop. obey the Stop always

This is why I expect a down move today or Monday.
Bloomberg chart from Zerohedge last night

SPX

Here we go breaching yesterday's highs.

The wall is holding for now. Where is King Henry 5 to make a rousing speech? (into the breech once more dear friends)

Yesterday new highs all over the place, and:
SPX new highs = 47
INDU new highs = 2
NASDAQ new highs = 192 out of 3078
NYSE new highs = 164 out of 3057 issues (but that includes preferreds, bond ETFs and etc.)
NYSE new highs (on common stock only) = 117 out of ?
SML new highs = 32 out of 600 small caps

wATCH 306 /ES, Bears might hit a home run if that failed to support.

I thought market rally after Trump win based on his promises ( i.e. tax reform etc.) to new high...I guess they want to double up all the gains...earn two times on same news...push it push it push it....

Lets pray

No big post today as little new from yesterday.

NYMO attempting higher high intraday but struggling.
It's the close that counts.

With price, a new day means a new gap up and an up target hit.
Price has busted above the magenta wedge.
Suggests either a throwover to finish move or a widening to form bullish channel.
The upper keltner was tagged, which is bullish.
I figure we are likely to see one possibly two gaps close in the days ahead, but if price can hold the 2300 mark, FOMO could fuel more up.

I am still flat. I had an overbought sell setup go live yesterday, but it needs price action to roll or show exhaustion.
Overbought can get overboughter, so if price follows through, you don't swing at this pitch.
So, my week may be over in equities and I'll have to settle for the flat screen TV.