Cobra's Market View

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Breakout is more likely.

ES daily.

Moving on up. Day 7 from the bottom. Up off the EMA 20. More room above. A doji so far.

ES 60 minutes.

Getting squeezed between major resistance above and the EMA 20 below. Up off the Pivot. Needs a breakout.

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

Fear and Greed Index.

Less fear than a week ago.

ES 5 minutes.

Trading Range behaviour. Play the fades. Beware of buying at tops, at resistance lines. Likewise, beware of selling at bottoms, at support lines.

Back later ...

The pullback for now still can be seen as a bull flag so might be bought eventually. Roller coaster show at 2 pm, so I don't expect big moves before it.

If reaches the 100% measured move down target then likely there's another leg down.

Note the extreme underperformance of R2k and RSP today. Fear is greater there.

Show time in 3 min. Purely from the chart since it was more than 100% measured move down which means down momentum wasn't weakened therefore should be another leg down.

The first reaction usually is the true direction.

Well, guess that's it for today. Here's what Thursday tomorrow looks like: https://stockcharts.com/public/1684859/ ... /533449387

Thank you guys, I'll see you in another thread soon.

Before the close, please take a little time to vote for me, thanks: https://stockcharts.com/public/1684859/ ... /533449387