Cobra's Market View

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double top or not, wait and see.

members only update starts here: http://www.cobrasmarketview.com/2018/05 ... ay-update/

SPX /ES .. mind SPX gap.. mind gold today… USdollar…. Spain non confidence vote tomorrow… "could" see a huge move on the dollar up.. careful.. gold on the edge of a cliff

the open. no comments. need the market goes a few bars to know its intention.

my guess is range day but I won't be surprised (and even happy) it goes down down down given all the uncertainties blah blah by media.

BASQUE PARTY TO VOTE AGAINST PRIME MINISTER IN NO-CONFIDENCE MOTION, MAKING ALMOST CERTAIN HE WILL HAVE TO STEP DOWN - MEDIA

BASQUES CONFIRMS THEY WILL BACK MOTION AGAINST RAJOY: SER

Rajoy is gone

?

Cobra, if it is a range day today with a sub 2700 on the low end, how do you see the current uncertainties resolving... down down for few days before an all-clear move up to ATH? Thanks!

Sent from my SM-G955U using Tapatalk

SPX in between.. mind the morning gap.. lower support.. Qs push SPY red

EWP (Spain) hod. Down only 1/3 of 1% today, inside bar so far on the daily chart.

Much of the news already factored in?

Strong outperf by QQQ today. IWM flat, SPY weaker--held back by weakness in financials.

XLF down -0.7%

mixed bag so far…but bonds and VIXes push up.. INDU SPX weak

QQQ pushing, pushing... about to break to new HOD. SPY rejecting the OR-30 low.

Broad based buying here, breadth improving across the spectrum of equities.

Daniel wrote:Strong outperf by QQQ today. IWM flat, SPY weaker--held back by weakness in financials. XLF down -0.7%

GS and JPM both at lod, down > -1.5%

fehro wrote:mixed bag so far…but bonds and VIXes push up.. INDU SPX weak

buckle up mind yGAP

fehro wrote:

fehro wrote:mixed bag so far…but bonds and VIXes push up.. INDU SPX weak

buckle up mind yGAP

SPX holding on for dear life.. sloppy little H&S SPY 5m from y .. "IF" it plays out yGAP will fill .. if not support holds red line SPX upper gap fills

2 minute bars. @ minutes is about the average day for the 2000 tick chart I follow.
I have added a Keltnere Channel centered on the 20 factor EMA. Note the gapless EMA in cyan. Red/Blue dash dot is VWAP.
Middle box is last 20 days relative volume, bottom box is bid ask delta.

Not sure if this set up tells a story or not but I am giving it an audition.

fehro wrote:

fehro wrote:mixed bag so far…but bonds and VIXes push up.. INDU SPX weak

buckle up mind yGAP

come to papa .. support here.. need to loose yLODs for more down

As usual the 60 minute opening range has been exceeded. Now we wait to see if it is exceeded on the top side sometime today. Shouldn't be a problem since Secretary Ross says the trade war with Eurozone will only hit 1% of our economy.

5 minute bars version. It really shows the selling spike from a few minutes ago.

big spike up
oil
last half hour

Posted at Zerohedge. Once again API and the DOE (who use different methods) did not agree. A clear reason why tech analysis of the oil market is best left to the long term charts.
API

Crude +1.001mm (+450k exp)

Cushing -132k

Gasoline -1.682mm

Distillates +1.466mm - biggest build since Feb

DOE

Crude -3.62mm (+450k exp) - biggest draw since March

Cushing -556k

Gasoline +534k

Distillates +634k - biggest build since Feb