Cobra's Market View

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The pullback overnight has been strong so probably more.

ES daily. Pullback to the EMA 20. The bears mean business. 4300 stopped the running of the bulls.

Does the bull have legs or is just sick? Critically injured by Spanish matador

ES 60 minutes. From R2 to R1, to the Pivot and down through S1.

ES 5 minutes. Strong move down 6 hours ago. In a base for 5 hours.

Myself and ,i think Al Dente have posted seasonal charts for an avg year in the past. That was in fact , a big influence on my belief that we can now rally till the ettachment]of August. But i forgot this isnt any year, its a midterm election year! The seasonal have some important differences. Here is a look at avg seasonals since 1948 and incorporates the 4-year Presidential cycle, 1st term Presidency and the mid term election cycle. Look at mid September to early October! A lot of portfolios are gonna get crushed here.

A Mega phone breakdown will lead us to 61.8% level. for now could have an intraday support.

Neutral P level is just under 400. MACD saying sell for 5 days if similar to early June. Perhaps it is the 50dma it is aiming for.

https://stockcharts.com/h-sc/ui?s=SPY&p ... 3260462966

Lol

We had an early sign of a downtrend day.

Al_Dente wrote:

BEARUNZIP.jpg

Consolidation, breakdown is more likely which if indeed in the next couple of bars (I doubt though) with good looking bear bar then it's a confirmed downtrend day.

A little oversold today. Expect a bounce. Moon cycles are still bullish until first couple days of Sept. Plus we have an unfilled gap now on the sundays future open that must be filled. Should be a bounce in the next week and selling is no longer viable.

ES 5 minutes. From the opening, down beneath S2, and then back up to S2, where it finds some resistance. Sitting on the EMA 20.

Back later ...

It's the very first touch of EMA20 in 2+ hours, should attract some sellers.

CBOE quickie
"How to Calculate the VIX Index"
https://www.youtube.com/watch?v=UNye9ilDs8o