Cobra's Market View

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Revisiting the previous low, wait to see whether bulls can make a higher low.

It's a morning hourly hollow red.

Flat lining in a tight range while volatility climbs.

Here on the 5 minute ATR is the dash cyan line in box 1. After the very uniform selling stopped it started to climb.

No sharp rebound in the next couple of bars then it's a downtrend day.

Well, a little review, looks like the long-term Top held up. looking down in next few days to follow.

Looks like we have a rebound. Waiting for the test of the low.

EMA20 now is the bear's last chance for another leg down. It's the very first test of EMA20 in 2+ hours so should be sold a little bit, the question is whether bears can push all the way to a new day low.

Fearful and oversold, dead cat bounce in my book.

Pretty orderly sell off, just like the overnight drop. Tagged back up with all the obvious targets from VWAP to Overnight low. I am guessing we drift until the earnings releases.

Intel is on deck for a 4 pm release.

I count 8 reversals at VWAP so far today.

Well, guess that's it for today. Here's what Friday tomorrow looks like: https://stockcharts.com/public/1684859/ ... /533449397

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/ ... /533449397