01/05/2009 Market Recap: Still Overbought

Cobra's Market View Private Messaging System shows:

Consolidation day today. A Doji was formed, the direction is unknown. But since the market is still very overbought, so it's high likely to pullback further and such kind of pullback could last for a few days. Intermediate-term still is up as long as no lower low is formed on this coming pullback.


0.0.2 SPY Short-term Trading Signals, not a single overbought signals are fixed today.


SPX Short-Term Volume Osc from www.decisionpoint.com, green line is way too high, very overbought. Since it's a 5 day moving average of the blue line above, so it's not easy for the green line to go down and that's why I said that this coming pullback could last for a few days.


T2122 from Telechart, 4 week New High/Low ratio, rise again today, overbought.


NYSE Common Stock Only Advance-Decline Line from www.decisionpoint.com, very interesting, for the last 3 up days the advancing stocks were less and less, this is a negative divergence.



1.4.4 TSE McClellan Oscillator, Canada is very overbought too. The signals in this chart are all at their highest point.


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