Cobra's Market View

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Will you laugh at me if I say this pullback may have legs? I think the last 3 bars were consolidation so continue down is more likely.

Gap down within the yesterday's range so likely it's just a range day.

Up/Down days inside the consolidation range. normal, no? just don't over trade and positioned.

This chart (for the bears) may be back in play.
There is a small negative RSI divergence on the weekly SPX.
A good push by the bulls can cure it, but if it holds, one can dream about a test of the two year moving average.

The chart is also notable because price has pierced above the rising tops line.
As this is a log scale chart, that means the rate at which the SPX is been appreciating from the 2009 low is accelerating.
Parabolic is the word. All hail the Federal Reserve I guess...

I remain long an SPX runner.
I am now short the R2K with one profit unit scaled out overnight.

Whoops. Can't speak english this morning...

"is appreciating"

Mr. BachNut wrote: is been appreciating

Testing the day high, could be the range high.

Semiconductors and QQQ

Maybe we had the range high, now seeking range low. The line below might not hold another test.

It's the bear's last chance to make a 2nd leg down here.

Back to no man's land another day. there is sign of 2x top were sold. get your popcorn and your favorite drinks for next week episode.

Well, guess that's it for today. Here's what Monday looks like: https://stockcharts.com/public/1684859/ ... /533449377

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/ ... /533449377