Cobra's Market View

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Lower high or slightly higher high trend reversal is possible because bears tried several times already (red arrows), they just kept trying, seemed determined.

Gap up near the high of the Friday so could be a trend day either up or down.

SPY 15. Up over Friday's close. Pbars, like tracer bullets, pointing to the close.

SPY 1 minute.

Alternatives. IAU down. SPYG and SPYV up a bit. TLT down. UUP up. Back and fill.

AAPL doing well. BA not so much. Longs and shorts. As happens very often, about the time you spot the move, it is about over. Wait for a pause/pullback and resumption.

Sectors. XLK. XLY.

Dow 30. The greens leading by a few lengths.

OK, I have my market context. Back later ...

Started like an uptrend day, bears be careful.

One more chart. SFM. From one of my watch lists. Sprouts. Good value, and good for you. Later ...

Consolidation, breakout is more likely. And once breakout, it confirms the uptrend day.

The pullback probably will be bought and the EMA20 now is a likely place, but the pullback also means it's just a range day, we may have the range high.

I am assuming the 4740 was a significant options strike. Can't find the options gamma chart from last week but it had several strong levels. Question in my mind is where does this leave us for the pull back before the Santa Rally. 4 D chess question, if the Santa Rally is a sure thing this year then why are we seeing article after article behind the zerohedge paywall saying Goldman is calling for straight up into year end. I ask because e all know that Goldman provides two different advice channels, one for retail and a separate feed for the better hedge fund customers.

Back to the VPOC's from end of the week. Not a surprise when you look at how weak that new high was.

The rebound is weak, may resume down.

Possible higher low, now it's the bear's last chances to make another leg down (invalidate the higher low).

If bulls can touch the blue line above then breakout would be more likely.

The Up/Down day continue.

Tech Overshoot, that will some thing if it is, turn around Tuesday will be something to look out to.