Cobra's Market View

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Let's see whether bulls can make another higher low (green arrow). Bulls are making some progress.

ES daily.

ES 60 minutes

ES 5 minutes.

Down from R1, through the Pivot.

Looking for support at 4470.

It's a morning hourly hollow red

No sharp pullback in the next couple of bars then it's an uptrend day.

NASDAQ no longer leading the SPX – what this means for the market:
https://quantifiableedges.com/nasdaq-no ... he-market/

Swing sell setup, new box, make or break?

Intraday, it is bullish that we have a swing high, to maintain a positive price action bulls must close the day above the red line.

If we close here or high, there will be a positive reversal for short term bottom. lets see the closed. Peace!

These are all leveraged, 2 months performance
It looks like semis (gray) are dragging everybody down

Triple top has been rare so this probably is just a range and since now near the range low, it might rebound soon to test the range high.

UBS.

Summertime doldrums.

But there are always a few stocks running hot.

I like this chart, but this is not a recommendation to buy. It is just information.

Back in the USA. Going to take six weeks to work our way down the coast to our winter hang out. Spotty internet until then. Tried out Star Link in Vancouver for two days (friendly neighbor shared password). Going to go that way next couple of summers when we take our trailer to Alaska and the next year to the Maritime Provinces. Getting a bigger trailer as our Airstream Basecamp 20 does not work for four month road trips. Love the way it fits anywhere. Going to an airstream 23 (24 foot long) even though it is not as cool lookin.

Took profits in natural gas trusts and oil tanker stocks last spring. Looking to re-enter after the summer sell off.

Nat Gas needed a major hurricane season and it did not happen. Oil benefitting from the Saudis defending price. Problem is they have to cut production every other month or so. Stockpiles finally running low so I am thinking price will benefit from restocking for winter. Biggest issue is of course failing Chinese economy. That is why I like tankers, they are not totally dependent on CL price.

Well, guess that's it for today. Here's what Tuesday tomorrow looks like: https://stockcharts.com/public/1684859/ ... /533449374

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/ ... /533449374

Trades w 2 Cats wrote:

MCL 09-23 (15 Minute) 2023_08_14 (12_32_24 PM).png

NG 09-23 (60 Minute) 2023_08_14 (12_31_10 PM).png

Back in the USA. Going to take six weeks to work our way down the coast to our winter hang out. Spotty internet until then. Tried out Star Link in Vancouver for two days (friendly neighbor shared password). Going to go that way next couple of summers when we take our trailer to Alaska and the next year to the Maritime Provinces. Getting a bigger trailer as our Airstream Basecamp 20 does not work for four month road trips. Love the way it fits anywhere. Going to an airstream 23 (24 foot long) even though it is not as cool lookin.

Took profits in natural gas trusts and oil tanker stocks last spring. Looking to re-enter after the summer sell off.

Nat Gas needed a major hurricane season and it did not happen. Oil benefitting from the Saudis defending price. Problem is they have to cut production every other month or so. Stockpiles finally running low so I am thinking price will benefit from restocking for winter. Biggest issue is of course failing Chinese economy. That is why I like tankers, they are not totally dependent on CL price.

Hey, quit having such a good time. Ha ha.

Thanks for the update. Good work re the tanker stocks. I like them too.