Cobra's Market View

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Lower high or not, wait and see.

ES daily.

Day 3 down from the high.

Sideways candle.

Not down to the support level.

Well above the EMA 20.

ES 60 minutes.

Up through the Pivot and R1.

Fade back down to 5288, where it seeks some support.

ES 5 minutes.

Sideways action.

But the indexes are in the green.

Appears that stockcharts charts are not updating, even though the time stamp is.

Gap and no go? let see where 61.8% support or not.

I added two indicators to this chart based on a recent update from Lizard Indicators. They suggested using the Souper Smoother U as a substitute for the Gann Hi Low activator. The advantage is the ability to offset from the primary average. Thus the stop line and appropriate changes in bar color. They are suggesting using the Gann as a filter for the Stochastic Momentum Indicator. That one uses the median of each bar instead of the closing price which is used by the regular Stochastic.

My bottom line is a Cobra expression "need to see more bars". I am thinking we are pretty much done until after the long weekend as all the really big traders are either skiing in the Rockies or golfing in the Caribbean right now, leaving (as my Dad used to say) the shoe clerks in charge.

Swing setup: no change, rip will be sold. Intraday: we have a swing high, it is bullish bias but weak trade all day so far, buyers need to see higher closed or we will end the day with a negative price action. Internals: bullish bias, let see what the closed be? Peace!

New low, however, watch for the classical breakdown then rebound.

Well, guess that's it for today. Here's what Wednesday tomorrow looks like: https://stockcharts.com/public/1684859/ ... /533449381

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/ ... /533449381

Bad ending to a boring day. Defiantly in the drop like a rock zone based on Volume Profile. 5240 not out of the question.