Cobra's Market View

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This bear shall have legs. the chart may change on 8:30 am news but I'll need go outside today hopefully can be back before the close, so will not comment most of the day.

Island reversal gap down today if not fill. so.....today's trading plan will be a gap play.

common market behaviors are gap down, stay down and trade sideways all day. I hate the most OR a hard reversal back to fill the gap, I love the most.

The five week volume profile says we are closed to monster support.

Market is behind the times thinking the Fed is in charge. Talking heads are all saying Fiscal policy is driving. Be that as it may NVIDIA next week with 10% delisted just as they release earnings. That could push us through the monster support.

Sorry, wasn't clear in my comment. Super Micro will be delisted from the exchange next week because no accounting firm will issue their statements. They represent at least 10% of NVIDIA's sales. It has been over a year since they issued a financial statement from an accounting firm. SEC Chair Gisler is resigning Monday with no reason given. Should be a really interesting earnings call for NVIDIA next week. If they prove the naysayers correct down goes tech and down goes the market.

ES daily.

Breakdown from the bottom of the range at 5965.

Bearish daily candle.

Down to 5936.

Just above the EMA 20.

ES 60 minutes.

Big down on Thursday.

Through R1, the Pivot, and S1, all the way to just above S2.

And there it is seeking support.

ES 5 minutes.

Up then down.

Trying to put in a bottom at 5931.

ES 5 minutes.

Down through S2.

Active market. There are deals to be made, long or short, won or lost.

But not for me. I will be away from my trading desk.

Back later ...

Low target 5897

I ddidn't think it will hit low of 5966 yesterday but it did at the end of day. so......5897 is not that far off now. Hmmm

/ES 5897

Looks like this leg is over for now. Waiting for the up then we will see.

Put the triangle in before the open today. Call it a falling wedge if you prefer. The trendlines say lets bounce. Not sure the market wants to go there.

Double bottom doesn't meet the 30 minute test. But we did get a first bounce and a ZLEMA cross over. Waiting for them to turn on the machines. Big boys do not want an island reversal risking all that retail money at year end.

It's Friday, daily trend following buy the dip is still far from dip. day trade never this easy for bears in months, LOL Peace!

I'm back.

So far it's a downtrend day. Now bulls have chances here to make a double bottom which I doubt though.

Consolidation, now breakdown is more likely.

Intraday read at 13:40 Eastern:

NYMO: down to -54
NAMO: down to -44

Deep but nothing extreme.

So looking at a big rounded top. This from my X feed Re-posted by Samantha LaDuc,orignal post by David Marlin "Last week saw the strongest retail investor buying flow in over 137 weeks"

No need to make a snarky comment about when the public buys the most.