Cobra's Market View

Guess the low was in for today.

SPY 5. Reprieve for the bulls. But there are more bears on the prowl than we have seen in about a year. Battle is joined.

Daily
testing little double bottom
either the bears are going to sell more or they are not
Obviously Powell’s announcement of an ex-post-facto “comprehensive” look at his hands-in-the-cookie-jar ethics rules wasn’t enough to wake the bears up (Insider-trader Fed Presidents Kaplan and Rosengren will be liquidating their equity shares by the end of September)
Maybe they are waiting for next week’s FED meeting where they’ll chatter on about tapering

Remember Bernard Madoff ??
His victims have now recouped 83% of their losses

https://www.reuters.com/article/usa-cri ... SL1N2QI1P3

Lower high so the rebound was over?

Volume surge, widest bull bar so should be a pullback here first which likely would be bought. People are still in buying any dip mode.

Well, guess that's it for today. Here's what Friday tomorrow looks like: https://stockcharts.com/public/1684859/ ... /533449397

Thank you guys, I'll see you in another thread soon.

Before the close, please take a little time to vote for me, thanks: https://stockcharts.com/public/1684859/ ... /533449397