Cobra's Market View Private Messaging System shows:
Trading range breakout on increased volume, bullish, today. Under NORMAL conditions, market should pullback tomorrow. If however no pullback or just a minor pullback tomorrow, pay attention to the trading setup described in chart 2.8.2 SPX:CPCE, as eventually there'll be a big sell off.
7.0.3 NYSE Composite Index Breadth Watch, again this is how I interpret today's "Equal up and down strength" rule. Why is today bullish? 4 vs 4, bulls won. Now we need to see how the market pullbacks. If no lower low, then very good chances that the trend has changed from intermediate-term down to intermediate-term up.
0.0.2 SPY Short-term Trading Signals, trading range breakout and stand above MA50 again, very good. Although the RSI and STO are overbought, but since this is a pattern breakout, in which short-term overbought signals usually do not work, so I'm still watching the chart 2.8.2 SPX:CPCE which trading setup I mentioned in yesterday's report, as I suspect (or more precisely I wish) that the market will keep going crazily up.
1.0.3 S&P 500 SPDRs (SPY 30 min), possible Complex Head and Shoulders Bottom pattern, target around $90. Overbought though, might pullback at least tomorrow morning.
2.0.0 Volatility Index (Daily), VIX oversold, should bounce back which means a pullback in the overall market.
So, to summarize again, bulls need to take profits while bears best hopes are that the market keeps going crazily up until NYADV in chart 2.8.2 SPX:CPCE gets overbought!