Cobra's Market View

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Maybe we have a range here.

ES daily.

Undermining the breakout attempt.

Slipping back down beneath the support/resistance line.

9:45 PMI Composite Flash
10:00 New Home Sales
10:00 Richmond Fed Mfg. Index
1:00 PM Money Supply

ES 60 minutes.

Ups and downs.

Most recently down.

ES 5 minutes.

Putting a lot of downward pressure on the 4191 level.

Earnings: Tuesday, May 23 before the open: LOW [cut its annual sales and profit forecasts],
after the close: INTU

NO SURPRISE HERE:
SPX: With a market cap north of $2.7 trillion, Apple currently comprises roughly 7.4% of the entire index's value, the highest share since 1980, according to Charlie Bilello. According to Bilello's data, Apple and Microsoft currently combine for just over 14% of the S&P 500's entire value.
Year-to-date, the S&P 500 is up more than 9% with just 7 tech stocks driving all of the gains for the index, according to BAC — AAPL, MSFT, GOOG, AMZN, NVDA, META, and TSLA.

ES 5 minutes.

Down to S1.

Debt ceiling standoff sending futures lower, according to MarketWatch. Of course. U.S. politics: how to shoot yourself in the foot.

Later ...

"TikTok Will Provide Oracle "Full Access" To Source Code, Algo In Bid To Stay In US" [Bloomberg]
https://www.zerohedge.com/technology/ti ... id-stay-us

It's a morning hourly hollow red

Another bearish day with swing low. same playbook, bears need lower close to continue.

No fear no bear! Fear is ticking up.

Japan, Germany, France and UK indexes are all reached the highest level prior to Covid . Canada and Australlia are still some work to do.

Finally a direction. This bear shall have legs.

On 5 mins chart $XBD brokers were flat. They are selling now.

looking down to 4127 again for the 10000 times.

4150 /ES should have some good support for now

Chart for the road: artwork, channeling. Peace!