Cobra's Market View

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A little resistance but I don't think it'd be a problem.

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

SPY 15. Up. Up. And up. More up? Who knows?

Look at TRIN, sell day for me, nothing on internals make sense to support this up market.

Note
GOOGL and FB gap to ATH
MSFT ATH

XLV Health gap to ATH

It's a morning hourly filled black bar

Al_Dente wrote:XLV Health gap to ATH

SPY and QQQ still testing the high and failing at the moment
I can’t remember the last time XLV led the market. It’s odd

$NDX, QQQ
ATH
please double check

Breakout is more likely and if with good looking bull bar then it'd be an uptrend day.

ok then SPY
ATH

Come2papa, if this sell fail, bears need to pack up and go home.

It's Friday. no go for bears. Peace out!

Quick update:

Price is making ATHs while NYMO remains negative.
Price rules.

We may be in a NYMO up cycle, but positive closes are required to confirm.
Until then, this could be a corrective move to the zero line in a continuing broad NYMO decline.

This morning's price highs are happening with NYMO negatively divergent to the high two days ago.
We are back to twelve open down gaps.

I am flat. My shorts were breakeven stopped leaving me only with scale profits.
I have a long setup percolating for SPX and a short setup percolating for R2K.

I am planning to vacation and relax in the weeks ahead, which means a big juicy move will trigger while I am gone.

Who is bidding up home prices by tens of thousands?
HEDGE FUNDS
https://www.nbcnews.com/business/real-e ... d-n1274597

Home Prices-My opinion
Fed Reserve is owned by NY Banks. They have access to really cheep money. They lend to hedge funds at wholesale rates. We know from Goldman's periodic reports that the hedge funds are pretty much follow the leader monkey see monkey do investment houses. Housing is hot, they want in. They don't have to qualify, pay tons of fees or 30 year mortgage rates. So of curse they are snapping up housing at what most of us see as a bubble top price. Maybe they will be saved by the inflation demons unleased by the Fed. Maybe not. Over a million FHA/VA loans haven't made a payment for several months. White House wants a new program where they pay 75% of their monthly when moratorium lifts in September.

Unless Congress agrees to an extension of the European Socialist style income replacement benefits that are going away I see a major contraction in the demand for living units. So really what the Hedge Funds are betting on is the 3.2 trillion Human Infrastructure bill being passed.

Detailed view of what happened at 4,400.

Should add that us up down tick in bid/ask format.

The pullback should be bought.