Cobra's Market View

Down 1 week, the next week has 60% chances to close up.

Over the weekend, please take a little time to vote for Cobra, thanks: https://stockcharts.com/public/1684859/ ... /533449377

"It is what it is Department"Are we bottom here? that is the question today? the right answer will be what is time frame of your trade? lets look at my keep it simple trend following setup. daily, swing, and Intraday. we are at the transitional point of a major market trend change, multi-time frames analysis skill will be benefitial, especially this time arround.

A Daily trend following: Last buy failed. sit out, wait for a new sell setup to enter. Swing setup: Dip will be bought, here too, wait for the buy setup to enter. Intraday setup: Friday price action was so so. new swing low, it is bearish bias. I will weight heavily on how we open and where we open based on my Fibbo level here. same playbook, different day as usual. keep it simple, know where your money are and time frame of your trade. Patience, React,and Don't predict. Peace!

Bonus chart: weekly, nothing to be bullish about on this time frame. a start of the top or a correction? 5% pullback so far. this is healthy for bull market relief rally (5-7%) but the internals are a lot weaker than the usual relief pullback. so...I am not permabear who think we are going to zero from here but there is a strong reason to be cautious.

SPY daily.

Not good for the bulls.

At the bottom of a range.

Beneath the EMA 20 and EMA 50.

Down to the EMA 100.

Volume heavy as it reaches down.

Many families are struggling, but there is plenty of money with the big boys, ready to pour into the market, at signs of recovery.