Cobra's Market View

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Maybe a range here.

ES daily.

Forming a new base. Following two dojis.

It was not an easy ride to the top, although it might still get there.

ES 60 minutes.

Choppy movement in this base, third day, all around the Pivot.

On a monthly basis, retail sales were down 1.1% from November to December (seasonally adjusted), and sales were up 6.0 percent from December 2021.

https://www.cnn.com/markets/fear-and-gr ... ess_ribbon

The Labor Department said Wednesday that its producer price index, which measures inflation at the wholesale level before it reaches consumers, declined 0.5% in December from the previous month.
On an annual basis, prices are up 6.2%.

ES 5 minutes.

Chopping along. Not liking ES for plays at this time.

Tracking a few stocks, but I am going to take a break.

Compare first Chart previously shown in the weekend update and now. We have a double bottom retest. If price breaks down, then it's an up thrust / potential SOS (sign of strength).
Personally feel like the market is giving clear directions. 2nd chart new Phase E is shown in orange. Waiting for EOD to see what institutions do at close.

Breakdown the yesterday's low was an early sign of a downtrend day. Now if no sharp rebound in the next couple of bars then it's a downtrend day.

last call for 3950 anyone

No time for usual blah blah today.
The NYMO cycle is UP and deep in the Upper Turn Zone.
We hit the upper Turn Zone last week and price response was to continue up.
Breadth has been very bullish consistent with a breadth thrust move.
That said the NYMO high may be in. So, further gains may be given up eventually.

Price appears to be finding resistance again at the declining tops line.
Bulls want to break that thing.
No gap magnets in play at the moment.

For all the really impressive breadth strength we have had, price is still well within December's range.
Makes me wonder.

Light long with BE stop at the moment.

Negative D playing out, will see how many days of a pull back from here.

Bullish relief rally pull back, Green line key pivot on daily.

/ES should retest 3965.

The rebound probably will be sold.

SPY 5 minutes.

Good move down.

But I am away from desktop, where I do my trading. Shorting opportunities missed. Ha Ha. Nah. It's all a game. And the game is always there.

Over 60K are out of good jobs so far this month, top 3 CEO, Zuckerburge, Bazos, and Musk are the leading, wait for these guys to hire then the recession will be officially over. More layoff announcement to come in @end of month through April, remind me of .COM boom and bust cycles.

3965 hits. Greed kills. tomorrow is another day. Peace!