08/25/2008 Market Recap: Support Still Holds

Cobra's Market View Private Messaging System shows:

In the weekend report, I said that it would be a good chance to short if today the market went up, on the other hand if the market went down we would see if the support still hold, and the uptrend would be still intact if the support hold.

0.0.1 Simple SPY Trading System, support hasn't been touched yet.  So it is unconfirmed if this is a another leg down before tomorrow's market close.


Will the support break tomorrow?  Maybe, maybe not, at least in the morning the market may bounce back according to the chart.

1.0.4 S&P 500 SPDRs (SPY 15 min). In the yellow region it's a 3-day consolidation which provides a good support, at the same time MACD and RSI show positive divergence which means the downward momentum is not strong enough, so tomorrow morning the market may bounce back. 1.1.A PowerShares QQQ Trust (QQQQ 15 min), 1.2.7 Diamonds (DIA 15 min), on these two charts MACD and RSI show positive divergence as well.  1.3.2 Russell 2000 iShares (IWM 60 min) On the Russel 2000 60-min chart MACD and RSI show positive divergence.


1.1.C TRINQ Trading Setup.  This time its prediction is correct, so let's use it one more time.  Today TRINQ is almost 3.0, so tomorrow the market should bounce back.


3.0.3 20 Year Treasury Bond Fund iShares (TLT Daily), breakout, but such a gap up Doji looks exhausted.  Furthermore, a black candle has a high chance of reversal.  Therefore tomorrow TLT may pullback which is bullish to the stock market.


As a summary, tomorrow bulls may see some hope.

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