Cobra's Market View

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Lots of upper shadow so some selling pressure here therefore might be a pullback at open then we'll see, generally the rebound shall have legs.

Gap up above yesterday's high so could be a trend day either up or down.

damage already done, bears got one sell coupon on 5 min. swing. sell day for me but with the V-Shape, got to be careful.

ES daily. Inside bar. Up off the EMA 20.

Bulls got a lot of games but they need to bring out an "A" game today.

SPY 15. Moving up in ranges. Pbar at 800 am once again.

ES MA support, bears need to push hard or dead meat again.

IWM 5. Falling hard.

Lot of data generated today, enough to use data analysis technique. gap fill is the mean = u .

Looks like we are morphing into a really boring range. I sure hope not as I have 10 days of road grime to wash off of my formerly shiny aluminum trailer if I can't justify trading today.

Dow 30. About even on the greens and the reds. CVX leading. BA trailing.

It's morning hourly filled black bar

CMA. KEY. STLD. Nice play on these three.

SPY 5 falls hard to the EMA 20 and its previous close. Finding some support. Back a bit later ...

AD line is now flipped to negative. bears are serious today.

Up V-POC is 4190
Dn V-Poc is 4142

Down target is more likely atm.

Sell in May?

Not much to say today.

NYMO cycle is up but may confirm down today.
I think a better characterization may be that it is coiling around the zero line.
Hence, the flattish chop we are seeing in the index.

We have two gap target prospects above and a stack below.
Bulls have fallen back inside the upper keltner again, which turns one to eye the middle keltner as a potential destination.
Bottom line is consolidation without good tell at the moment.
Perhaps we get more clarity by end of week.

I remain long my SPX runner position, but criteria to jam a profit stop are falling into place.
I am flat R2K after another small loser on the long side.

If I understood Elliot Wave that looked like a 1 down followed by and ABC for 2 up (68% retracement almost to the tick). Then the big 3 for the move that put bears in charge because it was about 20 points and with 11 something point moves being 2 standard deviations these days that was clearly an impulse.

So in theory a complex wave 4 followed by another 10 point drop for 5 down then spend the afternoon doing the ABC move higher.

If I am right then I still have to wash the trailer today after lunch.

Missed it, but looks like energy is having a good day....