Cobra's Market View

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Double top or not, wait and see. Generally bears won't be that easy so don't count on it. A pullback before a breakout is a general pattern. The Non Farm Payroll report at 8:30 am will decide the today's tone.

This rip will be sold.

Algos channel, new swing high, it is bullish bias, conflicting signal, price action will determine if the bear will show up or not. same playbook different day.

ATR dropping fast. Right side box 3. Haven't seen any free posts on X showing where the options crowd is betting. Did read yesterday that overall options are at an extreme with almost no calls being purchased. Goldman saying today that CTAs and funds keep trying to go short and then are forced into buying pushing the market higher. Others saying this is looking like a typical tech wreck blow off top in the making.

SPY 5 minutes..

Premarket the bears were winning.

Since the opening, it is bulls winning.

Market Masta on X yesterday pointing out we are nearing that golden ratio of 1.618 extension. Food for thought.

SPY 15 minutes.

Boom. Boom. Boom.

And huge end of day action from the funds.

Do company profits merit that? Maybe.

But we better be nimble. Be careful.

Other factors are ominous.

Wars. Hormuz. Iran. Ukraine. Economy. Oil. Tariffs. Protectionism. Win/Lose relationshiips in geopolitics. Inflation. Employment upheaval. National debt. Drought. Environment. Who cares? Exactly my point.

I'm a daytrader from the Boomer generation. Life is good. For other generations, much more challenging.

We have a range here and near the range high. The typical action is to briefly break it on the upside then fall back, let's see.

Since Grande G said "Fibs" and it is almost the weekend here is where I am at on the 60 minute. If we are in a five up then having five equal one (see the equal distance measure) means we are there. Personally I think we sit around until NVIDIA earnings.

Bulls are holding up well, a little of a white knuckle, hold on....Hahaha

Swing setup: first thing first, new box, make or break. Peace!

Classical breakout then pullback as I mentioned. Now the 2nd try to breakout got rejected initially but if bulls manage to try again without deep pullback, say, turning up now to try, then a breakout would be more likely and for real.

The 3rd test of the line, the chances that the line might not hold is higher than 50%, especially after a brief rebound here then down again to test line which would be the 4th time then.

Well, guess that's it for today. Here's what Monday looks like: https://stockcharts.com/public/1684859/ ... /533449377

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/ ... /533449377