Cobra's Market View

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Double bottom or not, wait and see, 50% chances, maybe 51% chances.

ES daily. Down beneath the EMA 20. A serious test for the bulls.

Members only update starts here: http://www.cobrasmarketview.com/2020/09 ... ay-update/

JFR wrote:ES daily. Down beneath the EMA 20. A serious test for the bulls.

2020-09-08_06-27-22.png

Need decisively break the Friday's low otherwise it's simply a double bottom here. We'll know soon upon.

Testing the Friday's low, let's see if bulls can make a double bottom (slightly lower low is OK) here. Usually big gap down means sharp rebound at open at least to let the 5 min EMA20 to catch up before the next step either further up or resume down.

Dow 30. Two in the green, barely. JNJ and MCD. A sea of red. Led by AAPL, BA and MSFT.

On August 31, 2020, Amgen, Honeywell, and Salesforce.com replaced ExxonMobil, Pfizer, and Raytheon Technologies. -- Wikipedia

Market performance on the Tuesday after Labor Day weekend [which is today]
https://jeffhirsch.tumblr.com/post/6283 ... -labor-day

Overnight/weekend gaps down on ES, NQ, YM and RTY. Not heading back up as of yet.

NYMO open was -78

Cobra wrote:

JFR wrote:ES daily. Down beneath the EMA 20. A serious test for the bulls.

The attachment 2020-09-08_06-27-22.png is no longer available

Need decisively break the Friday's low otherwise it's simply a double bottom here. We'll know soon upon.

Yup. Friday's low. Key time. But the bulls do not give up easily.

Some people use the VIX 20 and VIX 50 crossing to switch between bull and bear:

https://stockcharts.com/h-sc/ui?s=%24VI ... 0599455137

So far it's a typical break down then sharp reversal. Let's see whether bulls can push to EMA20 which if they can then bears would be half dead today.

In the early going, the judges have the bears slightly ahead. NQ trying to move up. Heavyweight boxing match. Ha ha

Back later, got some stuff to do ...

THE BIG FIVE plus tsla

One day HEAT
Friday we had financials in the green... not today

.... corrected

Maybe a triangle or descending triangle here, bias is just a little bit down.

The call buyers are on higher lows, but they are not very exhuberant yet
They are in "wait and see" mode (aka: "prove it to me")