Cobra's Market View

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This bear shall have legs. Wow, didn't expect futures down this much, it's not just a bad data, wasn't it? Must be something else we don't know yet.

Over time market is always up, but.....Outch!

Time to go fihsing.

Copper, IWM both hitting their 200sma today, first time in a long time.

In the midst of panic. First such touch usually yields a strong bounce.

BullBear52x wrote: ↑Mon Aug 05, 2024 9:52 am Time to go fihsing.

Too many people selling?

It's a morning hourly hollow red

I Took NIVIDIA on DT

EMA20 now is the bear's last chance to make a 2nd leg down today.

ES daily.

Aiyy Yahh. Blood in the streets.

Huge bear candle. But at least it came back up somewhat from a deep plunge.

We dropped to levels of April and May.

We heard Buffett was selling AAPL, etc. Warren did this. Ha ha.

My guess based on 3 push up pattern. I don't expect today to go all the way up as it'd be very bullish - i.e. all problems are gone all of sudden (maybe there's no problem at all at the very beginning).

ES 60 minutes.

Looking back to Thursday, Friday and today, ES has moved down through R2, R1, the Pivot, S1 and S2.

It bottomed 4 hours ago, and moved back up to S2.

Swing setup: samo, rip will be sold. Intraday: not just a swing low, but another gap down and unfill low, so buyers need to do a lot more buying to get a clean reversal. Internals: bearish bias. be careful diamond hands.Peace!

Bonus chart: Key reversal, early bird, look no further than MACD histogram. Price action is good without a confirmation from MACD or momentum it's rookies mistake. Know the turn.

Bulls were weaker than I thought, skipped dashed lines, went directly to the solid line and arrow.

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