Cobra's Market View

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Gap down alone yesterday's low so not sure if the gap will be filled.

On Global ES, the overnight push down made an overshot so rebounded, I see lots of overlaps on this leg down starting from 07/10, so I still don't FEEL much down pressure here. A sharp down today would change my mind though as the key still is overlap. Sharp down today would eliminate overlap therefore the 07/10 till now area could be seen as a consolidation (therefore continuation pattern).

With deterioration in AUD currency swaps overnight, my model based on this system now favor short side of the market. Long trade taken yesterday will be liquidated at open with a loss .

This doesn’t bode well with an IT-LT bullish scenario.

Troublesome too for now.

1318 and 1305 are 50% and 61.8% targets on ES. There should be a lot of stops under 1333SPX so we will dunk underneath for sure. Hold'em/Fold'em day today.

the open.

Market Neutral.
Yesterday's closing rally kept my signals out of sell mode (one went to sell but only by an easily reversible tick).
Judging by the overnight action, the signals may come with today's close barring another rally.
I'll honor the signal with a short layer even though I will be anticipating some rally into next weeks OPEX.

green channel... may pause on support

seems no one want to sell AAPL

Hey Miyagi,

Didn't you have a P-bar of SPY 132.88 a few days ago? I had written it off as a P-Bar failure but we're in the right neighborhood now.

My WLT is calling me to press the sell button

I expect to see the lower line of the Rising Wedge broken down today and an accelerated fall to follow
When I watched more closely into the 15min chart, I found that the price evolution from 1374.81 to 1346.65 can be counted as a 5-wave impulsive pattern which finished impulsive wave (1). After 1346.65, I see a clear a-b-c corrective to form wave (2). This slightly changes from my chart posted yesterday.
As noted in the chart today, we may be in the wave iii within wave (3). The important thing to remember is "three" within/of/inside "three" is the most sorrowful/excited stage of market action.
If wave iii is the case (I need to see a lower-low than 1333.25 and a red-day today), I expect it to end at around 1303.xx meanwhile the mother wave (3) would end at around 1287.xx.

SPX daily indicators
3/4 indicators confirmed a down trend began. MACD needs a red day today to confirm. After MACD bearish crossover happens, we may be staying in bear market for months.
Visitors my like to have a look at the tab "SPX Medium Term" of my blog.

stockcycle wrote: we may be in the wave iii within wave (3).

I would have expected a bigger gap if we were in 3 of 3.

I mentioned last night that I thought we would be down today, but I didn't think we would open lower.....

finally closed that big gap.

me too, took my loss on QQQ

TraderGirl wrote:I mentioned last night that I thought we would be down today, but I didn't think we would open lower.....

The Gap up in the SPY on June 29 has been officially closed.

TraderGirl wrote:I mentioned last night that I thought we would be down today, but I didn't think we would open lower.....

TG, it sure looks like a Bear Flag on your chart???

TNA finally fell through gap support...

lower targets/possible trendlines (dotted red) or the 200 day SMA = 1306ish?