Cobra's Market View

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Double top or not, wait and see.

Trying to break out!!

This 5 wave up count looks OK. If it is correct and this is a wave C up completing then it implies Jay Powell testimony will be higher for longer and the market will correct.

Had to close my SPY short out at 406.

Crude giving back some of that big increase. China Communist Party saying 5% growth has disappointed the market.

Natural Gas had a much stronger move to the downside. Makes a person wonder if last week was all about short squeeze because the weather hasn't gotten that much better.

Consolidation, breakout is more likely which if indeed in the next couple of bars then it's an early sign of uptrend day.

My Price Action chart says 4072 really needs to hold or it is over for a while. They need to buy more same day options IF they want this thing to kiss 4,100.

Not officially confirmed according to my rule but I think it's an uptrend day. If you need further confirmation then wait until break the blue line above.

At this point on balance volume 7 EMA says double top and cumulative delta says look out below. Waiting to see if 72 is still the lucky level for bulls.

Not a valid breakout so uptrend day not confirmed, instead we may even had a double top here although personally I believe the pullback would be bought because this is the very first time touching EMA20 today.

Can't help but notice how badly small caps (IWM) are doing relative to SPX.

ES daily.

Third strong bull candle in a row. Above the EMA 20. Approaching 4100.

ES 60 minutes.

Hella move up. Through S2, through S1, through the Pivot, all the way to R1, where it finds some resistance.

The bulls are alive in March. The bears are hibernating.

ES 5 minutes.

Stuck at R1. Hanging on to the EMA 20.

SPY daily.

Big picture. Is it trend up yet?

Reading the chart ...

CTM up.

Candlesticks pretty much in the Three White Soldiers pattern, which is very bullish, and trend changing. However, the third candle is not quite a "long body" yet.

Bollinger flat, at its midpoint.

EMA 20 turning up.

Price above the EMA 20.

EMAs 50 and 100 flat.

MACD turning up, not crossed over the signal line yet. Histogram up but not crossed over zero yet.

Sto up, approaching 50.

So, not quite full trend up yet.

But you might as well play it that way, as trend up. The market is very devious these days, so "Let's be careful out there."

I expect I will find some nice stocks and ETFs on scans for bullish plays.

Just in my opinion.

AAPL approaching potential double top on the daily
(can't get the chart to load)

SPY 5 minutes.

Testing down beneath the EMA 20.

After a very strong move up, now in a wide base.