Cobra's Market View

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Ascending triangle, breakout is more likely.

ES daily.

Above the EMA 20, and above the trendline.

Up and up.

Is it from Trump's concept of ending income taxes through tariffs.

ES 60 minutes.

Trading range for two days.

It is at the high of the range.

All the index futures are up slightly so far today.

ES 5 minutes.

Breakout above 5547.

ES 5 minutes.

Some wild/crazy action at the open. Surprise. Not. Ha ha.

Up. Sharp down. Sharper up, and again up.

Be careful out there.

ES 5 minutes.

Uh oh. More wild action.

Ride 'em, Cowboy.

Back later ...

We are always listening to what Dr. Copper and Friar Hi-Yield are saying. Always.

The animal spirit of the copper market is saying Price is above a rising 50day sma, well above a stable and flat 200day sma, and in the top quintile of the past 6 months. And 12day ROC is at a 6month+ high.

The animal spirit of the hi-yield market is saying "Benedictus, benifactus, beneficiarous-- it's always econo-positive when HYG:LQD is above average, HYG:TLT is better still, and HYG:SPY is also above average. And why is my Price nearly recovered back to its late February highs-- while SPY is still so far from prior highs?"

These 'harbinger' markets do not sound like they are anticipating gloom and doom and recession and contraction and rapidly rising default rates. If they retain any forecasting ability, it sure sounds like they are pricing in the opposite.

ES 5 minutes.

Testing down beneath a key support level, 5540.

Choppy action.

Prior to the open, there were some good day trade and scalp opportunities in the trading range.

where are we? A daily trend following is entering sell the rip zone. not yet triggered. over all bottom process is hitting the snag as of now. Swing setup: today's buy the dip is failing, next rip will be sold. Intraday: new swing high, it is bullish bias, a closed under 38.2% will be seen as look above and fails.

fear not market, we are topping here or never
Fear? not on these charts.

Maybe this bear shall have legs.

If the positive count is correct I have an idea of where we are going. ES max pain from options folks for today is supposed to be around 5,400. We could get close but I don't see it happening today, based on today's action. Your guess is probably better than mine!

I haven't used the volume dots much but my new computer is a lot more powerful so why not! Sure shows the battle for 5,500.
Volume profile is a good tool but the dots seem to make better sense for scalping. The two tools combined really tell a story.

Maybe the low was in or close (another leg down to make a slight lower low maybe).

Maybe a pullback here which probably will be bought.

Looks like a lot of resistance up above on the volumetric chart.