Cobra's Market View

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Gap down but within yesterday's range, so the gap might be filled.

I see the pullback overnight as the 2nd test of the yesterday's low therefore 50% chances of reversal (double bottom), so key time, bears must make a decisive new low to avoid the reversal.

members only update starts here: http://www.cobrasmarketview.com/2013/05 ... ay-update/

GLTA.

Checking support levels...

Thanks Gappy!, wonder if the hedge funds need to sell stocks to cover their gold loss margin calls......

disappointed in bulls, no JPN bank failures yet, and we can't trade up.

Can it be sooooo simple as pomo (none today)?

Looking for lower lows, some bullish divergence, then maybe trade higher next week and wait for lower or higher highs with bearish divergence. GLTA

watching Chandelier exits work well iwms, not quite tuned on spys....

38% Fib Info

Double bottom would be at spy 163.94

3 consecutive red days of 2013?

28 of the dow 30 stocks are red
Green is PG and WMT

testing yesterday's low, key time. wait.

Support level at green box

One min internals all bearish at the moment
nydec 2200

let's see if it s going bounce here. Wait for a few candles

Partial short per a summation index signal the other day.
Working at the moment but all intermediate horizon bear setups have been failing this year.

My summation signal is down for the S&P and neutral for the R2K.
It will flip down for the R2K too if yesterday's lows are broken decisively.
Not sure if an R2K signal would be tradeable as McClellan Oscillator reaching oversold.

My composite trend indicator is up. Bulls have technical momentum on their side.

a breakdown will trigger fast and furious selling, stop will get hit like crazy, that's bad side of it.

for the good side, dip buyers are waiting for Pos D and break out of the wedge to continue their buying spree.

"We're never going down agai....... WHAT THE HELL!!!"

"Miyagi, hit the turbo, stop throwing it into reverse"

LOL

Sliding down the center line (dotted) of the blue channel. Note that I have a time signal (not on this chart) which points to 11:00 a.m.
(N.B. the low of the blue box is at 1632)

On /ES a berak down below 1634.xx bears will take back the ball and continue it's downward trend on short term, bulls don't want to fail here.

Short term pivot support is also at double bottom
Positive-divergent momentum suggests a bounce near here; just a suggestion
New “chandelier” (pink; testing) indicates not safe to re-enter long until 166.55

NAT GAS Yesterday hit HIGHS on 2/3 Daily contracts HEADED to SWING LOWS (DGAZ recommended or SHORT NGM3)