Cobra's Market View

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3 push up (red arrows) then pullback, the pullback usually is 2 legged as illustrated on the chart.

Is that some Inst buying on INTC? Started yesterday AH.

'Last several days have been well above my ability to count waves. The fact that the selloff was caused by two speeches' is not important. The market response is. How deep and how long.

Text book calculation as to how deep. If it goes lower then significant adjustments are required. It would signal the July slump. But we have to get through Mag 6 earnings before we know.

A day like today is a gift for day trading. Volatility never seems to last but boy oh boy is it fun when it happens!

Probably the rebound will go directly to the EMA20 above from where we'll see whether bears are over for today or not.

Double bottom or not, wait and see. Breakdown and no rebound for a couple of bars (in case it's a classic breakdown then reversal) then it's a downtrend day. Key time.

Descending triangle, bias is down.

It's the very first touch of EMA20 today so likely it'd be sold.

The 2nd test of EMA20, decisive breakout would mean the low was in, watch.

ES daily.

Marubozu bear candle.

Down to the bottom of the range.

Down to the trendline, near to the EMA 20.

ES 60 minutes.

Down through the Pivot, through S1, and through S2.

Finding some support.

ES 5 minutes.

Sliding down the slope.

Choppy and ugly.

At a support level.

Gloomy day on the stock market.

But COLB is having another good one.

First posted on here on Monday, and then again yesterday.

I have not checked the news on it. I mostly play the charts. Occasionally I will read an article by a "guru." Economics is something I pick up in the news, and once in a while, dive into deeper.

Have a good afternoon.

Well, guess that's it for today. Here's what Thursday tomorrow looks like: https://stockcharts.com/public/1684859/ ... /533449387

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/ ... /533449387