Cobra's Market View Private Messaging System shows:
OK, no follow-through of the yesterday's bearish reversal, then firework shell continue. Three points to say:
1. CPC again dropped bellow 0.8, if no big gap down open tomorrow, then probably the firework will continue which means consecutive up for a few days until one day the market opens with big gap down.
2. Trend still favors downside. Also as I said before, extremely low CPC readings are bullish short-term but eventually there'll be a big sell off.
3. Pullback might be tomorrow morning, may close green however, again as long as the market doesn't open with big gap down.
1.0.8 Extreme CPC Readings Watch, green dashed lines represent up day the next day when CPC was bellow 0.8, while red dashed lines represent down day the next day when CPC was bellow 0.8. Counting all these lines, 14 out of 18 (78%) times, the next day closes green.
7.0.3 NYSE Composite Index Breadth Watch, this is why I said trend still favors downside. The bounce has lasted 3 days but failed to recover the previous 3 down days. Plus, don't forget, the CPC payback time...
1.0.3 S&P 500 SPDRs (SPY 30 min), STO and TICK are overbought, so probably there'll be a pullback tomorrow morning.
1.1.6 PowerShares QQQ Trust (QQQQ 15 min), lots of negative divergence, while 1.0.4 S&P 500 SPDRs (SPY 15 min), no apparent negative divergence, so QQQQ has higher chances of pullback than SPY. Even it's possible that SPY closes up while QQQQ closes down tomorrow.