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Gap down below the recent range, so chances are the gap won't be filled.
Could be a H&S Top break down on the Global ES with 100% measured target at 1378.88 (ES point) which I don't believe, but to reach the blue line pointed by the red arrow is possible which happens to be Fib 61.8% measured target. Let's see. As discussed last night, we're not surprised with this gap down but the most important part is Bears need a huge down day, not, another reversal at opening.
So, go bears go!
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Lackluster news out of China and Europe overnight but, another decent jobs report out of the US has us sitting slightly red. I say slightly red because anything short of BIG RED today >1% at close will likely be a failure for the bears.
Everything has aligned --- gap through 1400 support, metals/energy/AAPL down, DX up, even RSI/MACD look more overbought than oversold which is very atypical for mornings of late.
The gap MUST hold -- Looks like we'll open below 1397-1400 support so the next challenge is 1390 (low from 3/14) below that I think Cobra's target of 1385ish is reasonable.
Jose wrote:Hello all! This is my 1st post so first of all I would like to thank Cobra for his analysis which i apreciate and follow daily.
These are my quick thoughts about S&P 500, NDX 100 and DAX 30. These are all hourly charts.
I would apreciate your feedback.
sp500.jpg
NDX 100.jpg
dax.jpg
Thanks and welcome aboard!
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almost at ZigZag target now. this is not enough for bears, so bears need work really hard from here.
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from global ES point of view, this looks like a continuation pattern.
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is it the turning point? is it because of some model based on stars? or is it because of equinox? or is it because of demark since he called a complete of count down last friday?
anywaya, i need vix to rise to a good level or it is super boring
The goal is not uniformity. It is understanding and idea exchange.
1 min internals
Nydec 2000, “bear trend” if she can stay >2000
TRIN opens strong bear and is now reversing (volume starting to flowing into advancing stocks, pink arrow) so must be alert for a possible reversal.
Disclaimer: I am not an investment advisor. This is just my opinion NOT investment advice.
Cobra wrote:almost at ZigZag target now. this is not enough for bears, so bears need work really hard from here.
i bought the dip = IVV @ 140.46 [SPY clone that trades free at fidelity]
i've done my part, may the market now go down please.
What do you mean by "trades free"? No commission? If so, any idea why? They want you to feel like a computer?
Lot of sustained algo buying at 9:45-9:46....now who do they sell to? They have been trading channel lines a lot lately and jumped the gun here above the channel.
DRAW CHANNELS AND TRENDLINES! It's become clearly their major trades. HFTs are in their own world and IMO, manipulate only at strategic spots in a quid pro quo"
"You buy...you stay (hooked-up)...You no buy...you leave"