05/14/2009 Market Recap: Intermediate-term Sell Signal?


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.
Short-term Down Neutral  
Report Focused On Buyable dip or the market topped?
Today’s Summary

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”.

SPXMidTerm NDXMidTerm MidTermTradingRule

 

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.

SPY30min

1.3.7 Russell 3000 Dominant Price-Volume Relationships, 1585 stocks price up volume down, pretty bearish to me.

RUA

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