Cobra's Market View Private Messaging System shows:
Today the situation doesn't look so good. Technically we got a Bearish Reversal Day. One day may not mean anything, and the key is the follow-through on the next day. So let's see how the market goes tomorrow.
1.0.6 S&P 500 Bullish Percent Index. The good news today is we finally have a mid-term buy signal.
Here is the overview of all signals: 0.0.0 Signal Watch and Daily Highlights
0.0.2 SPY Short-term Trading Signals. A Bearish Dark Cloud Cover appeared on the chart, and the reversal is close to both the resistance and Fib 50 level at where usually a bounce back stops. Therefore the situation is a bit bearish and we can only wish there is no follow-through tomorrow.
1.0.3 S&P 500 SPDRs (SPY 60 min). This chart gives us a hope in some extent. SPY pulled back to the support level, and RSI still held above 50. It may be testing the lower edge of the price channel, but I don't know if it will bounce back up to the upper edge of the price channel or break out the price channel at the downside. We will know tomorrow.
1.4.2 S&P/TSX Composite Index (60 min). The pattern on Canadian market looks like a breakout of the Bullish Falling Wedge and testing of the breakout point. We still have to see how it goes tomorrow.