Cobra's Market View

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still don't know up or down but don't expect big moves until 2 pm tomorrow.

members only update starts here: http://www.cobrasmarketview.com/2017/03 ... ay-update/

see the very pretty H&S in Cobra's chart above? .. same on SPX 30m from Feb 17.. neckline 2358 goes.. target is 2306. .near 50d

ES calculated daily range for today with floor pivots.

/CL $36 by summer … bearish cyan rising wedge.. if it goes.. W/D so key here 12 month cyan trendline.. oil tanks market tanks

OIL-
Zerohedge just tweeted that Dec to Dec spread dropped into contango. So more bad news for the 28 year old history majors running leverage as they all bet big on spreads. When you are only betting price difference between two months you don't have to post nearly as much collateral.

Why the price drop AFTER inventory numbers last week. According to several articles it was the IHS CERAWeek conference in Houston. Heavily attended by traders with both IEA and OPEC heavy hitters speaking. Supposedly it was the presentations at this same conference last year that also sparked a major move. So if you are going to be trading millions of dollars in oil next year better go to the conference!

I should add it was at that conference in Houston that a little boy cried out "but the Saudi Prince has no clothes".

fehro wrote:see the very pretty H&S in Cobra's chart above? .. same on SPX 30m from Feb 17.. neckline 2358 goes.. target is 2306. .near 50d

2358 gone...on ES

Sold my LABU yesterday (sorry was out of town or would have posted) for a point and a half. Looking for a new entry.

Junior Buffett wrote:

fehro wrote:see the very pretty H&S in Cobra's chart above? .. same on SPX 30m from Feb 17.. neckline 2358 goes.. target is 2306. .near 50d

2358 gone...on ES

Looking like a slow grind down on the indicators. Media and RBC have been saying that the risk parity funds (Bridgewater) are doing what they do so well, reducing leverage by selling everything. But so far it has been controlled, I havn't seen that all day long wave after wave like a year ago October.

An S5 save . Like the man said 'if you put enough lines on the chart one of them is bound to work'.

Yesterday the smalls had the positive MA cross. Today we're back to watching...

Junior Buffett wrote:

fehro wrote:see the very pretty H&S in Cobra's chart above? .. same on SPX 30m from Feb 17.. neckline 2358 goes.. target is 2306. .near 50d

2358 gone...on ES

2358 SPX .. neckline just a little lower still may stall hold it.. but could also be a shocker drop.. cause we are not use to it.. with days of these little moves.. soooo…
buckle up. just in case

this bear may have legs.

Cobra wrote:this bear may have legs.

Now you tell me? I just sold a bunch of kidneys!

Got weird looking chart on IB, but only ES, NQ YM all ok. Anybody any idea? Thx

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fehro wrote:

Junior Buffett wrote:

fehro wrote:see the very pretty H&S in Cobra's chart above? .. same on SPX 30m from Feb 17.. neckline 2358 goes.. target is 2306. .near 50d

2358 gone...on ES

2358 SPX .. neckline just a little lower still may stall hold it.. but could also be a shocker drop.. cause we are not use to it.. with days of these little moves.. soooo…
buckle up. just in case

holds.. so far

fehro wrote:

fehro wrote:

Junior Buffett wrote:

fehro wrote:see the very pretty H&S in Cobra's chart above? .. same on SPX 30m from Feb 17.. neckline 2358 goes.. target is 2306. .near 50d

2358 gone...on ES

2358 SPX .. neckline just a little lower still may stall hold it.. but could also be a shocker drop.. cause we are not use to it.. with days of these little moves.. soooo…
buckle up. just in case

holds.. so far

okie dokie...BEARS are done I guess..back to reality...

Yesterday's close is a long way away. 1 std dev above VWAP is also yesterday's low and today's high/open. I think the bulls have to take that level, 2365.50 ES to prove to me they are serious.