Cobra's Market View

New low as expected, now let's see the rebound part. Decisive breakdown here would make chart ugly so kind of key day tomorrow.

DISCLAIMER:

The trading log above is meant for myself only which main purpose is to help improving my market sense.

• My blah blah about how the market would go in the next dozens of minutes everyday in this forum, is a way to force me to focus on the market, because by speaking loud, if the prediction is wrong, I'd be embarrassed, which of course I'd like to avoid as much as possible.

• Day trading is not my strongest point. Just for the same pattern, it can repeat frequently on the 5 min chart while on daily chart it may take months to appear once and another month to know whether the idea of trading such a pattern is right or wrong THIS time, so practicing on the 5 min chart is a fastest way to learn to trade.

• Day trading inevitably would have good days and bad days, it's a part of the game. If I always have good days, it means I'm either lying or already the richest person in the world (then why I'm still trading?), so please don't blame me for making any bad calls. The log is for myself only, not meant to be followed.

Chart appears to be similar to July/August 2024.
If so, then daily 200 is at $473, weekly 50 at $467, so about $470 support for QQQ.

Otherwise, SPY & QQQ are forming a "W" bottom print currently, so there is that opportunity to turn North soon, not needing to go full drop.
To add, the Weekly NYMO NAMO are setting up for "W", though that would be more of a setup if the deeper drop occurs.

Maybe it all bottoms on inauguration day. Maybe I know nothing.

Happy 2025 everyone!