Cobra's Market View

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Double top or not (red arrows), wait and see. I doubt though simply because bears never have been easy.

It's a morning hourly hollow red

So far no rebound toward ema20 which has been rare recently. Consolidation usually means continuation so bias is a little bit down.

Markets are pricing in an absolute certainty that the Fed will approve a quarter percentage point hike that will take its benchmark borrowing rate to a target range of 5.25%-5.5%.

https://www.cnbc.com/2023/07/25/heres-w ... esday.html

It's the very first test of EMA20 today so could attract some sellers, let's see whether they're strong enough to make a 2nd leg down (which typically is big NO!).

Al_Dente wrote:Markets are pricing in an absolute certainty that the Fed will approve a quarter percentage point hike that will take its benchmark borrowing rate to a target range of 5.25%-5.5%.

https://www.cnbc.com/2023/07/25/heres-w ... esday.html

Market also may have priced in that this is the last rate hike.

I didn't see this pullback. Now we may have the range high and range low (blue lines) until the 2 pm roller coaster show.

ES daily.

Day 6 in this tight range.

ES 60 minutes.

Down through the Pivot, to S1, where it finds some support.

ES 5 minutes.

A roller coaster. Ups and downs but going nowhere.

Show time in 1 min. I'll be quiet for awhile...

Last buy failed, will the power that be saves the down turn, rips will be sold.

Inflation or deflation? the money is on the inflation side.

Swing sell setup triggered. new box, first thing first, Fed or no Fed. Peace!

Wow, for a moment I thought the market would be up and up and up, nothing can stop this market going to the moon.

Consolidation so far so bias is a little bit down.

SPY 5 minutes.

Players, on a big scale.