Cobra's Market View

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Lower high? I double though.

Cletus open:

1) Strong employment report is pressuring rates which is in turn pressuring tech stocks
2) If the market pivots lower here (not too likely) I have opened another possibility for bears to get out of their positions with a "M" bottom formulation - blue path (green is the original call)
3) No matter what path the market takes, with a double gap at 397 there is no point in speculating on downside. Dip buying is the only game in town.

SentimenTrader: "The S&P 500 has declined at least 2% intraday during more than two dozen days in the past 50 sessions.
If this seems more painful than usual, that's because it is... Volatility like this is scary and painful."
https://mailchi.mp/sentimentrader/15-re ... a87ef92ec1

intraday heat

SECTORS
SPY got a short-term buy signal yesterday (green dashed vertical line),
now we need the shaded-purple 20 moving average to flatten out and curl up.
Best on the top panel is our health cartel, orange

Bears are running into Friday Effect now. It will be a challenge to cause selling into a close on a Friday, in general, as things tend to levitate on short covering. Let's see what they can do.

Touch the blue line again then breakout would be more likely and it might even be an uptrend day.

Mr VIX said be short on Monday

ES daily. Aiming for the top of the base. Above the EMA 20.

SPY 5 minutes. Price action. After a good move up, it has run into resistance. Pulling back towards the EMA 20.

SPY cyan-box target met
(just above is a double top opportunity)

ES 5 minutes. Price action. Strong move back down. Finding support just above the Pivot.

I found another BOX
I prematurely drew a cyan-bull target on HYG but is is NOT NOT confirmed unless/until junk breaks out
30m

So far it's a typical range day, nothing to say.

HRB, MRNA, XBI. Daily. Some stocks that came up on scans, and were posted here in July, have done well.

Not holding at this time. Not recommending. Just sharing information.

ES 5 minutes. Bounce off the Pivot. Strong move back up to a resistance point.

Cletus Close:

1) Was willing to give bears a chance today but they fumbled badly. Bulls remain in control and bearish moon cycles are terminating, which means the rest of July heavily favors bulls (likely until the next Fed meeting)
2) CPI report next week almost has no chance of going the bears way since things like wheat, corn, oil, gas all collapsed in June