Cobra's Market View Private Messaging System shows:
|Trend||Momentum||Comments - Sample for using the trend table. Warning: This is NOT a trading recommendation!|
|Long-term||Down||Idea for trading intermediate-term under primary down trend.|
|Intermediate||Up||Neutral||In danger of giving sell signal.|
|Report Focused On||Buyable dip or the market topped?|
Intermediate-term sell signals were generated but need further confirmation.
Today's action could be a retest of the H&S Top neckline, so probably more pullback ahead.
Sell signals were given by 0.0.3 SPX Intermediate-term Trading Signals, 1.1.4 Nasdaq 100 Index Intermediate-term Trading Signals and 7.4.0 S&P/TSX Composite Index (Daily). They’re not crystal clear though, so to prevent a whipsaw and to avoid OE “mess” tomorrow, better wait till the next week. In chart 7.2.3 Intermediate-term Trading Rule, by the way, I’ve demonstrated that under the primary downtrend, to follow the intermediate-term sell signal is better than to follow the intermediate-term buy signal. Also today’s Institutional Buying and Selling Trending chart (if you haven’t looked at the chart I posted in the morning) as well argues that the market may become not so “bull friendly”.
No idea tomorrow as OE Friday anything could happen. Only 2 charts to show today, both are “bear friendly”.
1.0.3 S&P 500 SPDRs (SPY 30 min), all the market actions this week so far were bearish: Island Reversal then price channel breakdown then kiss channel goodbye then Head and Shoulders Top breakdown and then today, it seemed like another kiss goodbye.
1.3.7 Russell 3000 Dominant Price-Volume Relationships, 1585 stocks price up volume down, pretty bearish to me.