Cobra's Market View Private Messaging System shows:
Nasdaq to NYSE volume ratio gives a warning signal.
Bears have a little edge tomorrow.
|Trend||Momentum||Comments - Sample for using the trend table.|
|Long-term||Down||Idea for trading intermediate-term under primary down trend.|
SPX has been consolidating in a narrow range for 3 day, the final breakout direction is unknown, hope tomorrow it could show us with its real intension. Tomorrow, bears have a little bit edge, therefore the market could pullback, not very sure though.
2.3.4 Nasdaq Total Volume/NYSE Total Volume, new high today which means a possible market top. Please refer to 8.0.1 Use NATV/NYTV to catch the market top/bottom for the past accuracy. Well, no perfect signals, this indicator didn’t work 100% in the past, so treat it as a warning.
Intraday Cumulative TICK from www.sentimentrader.com, a little bit close to overbought, so could mean a pullback tomorrow.
1.1.5 PowerShares QQQ Trust (QQQQ 30 min), lots of negative divergences which also mean a possible pullback tomorrow.
3.4.2 United States Oil Fund, LP (USO 30 min), too much negative divergences as well, so oil could pullback which is not good for the stock market.
Just a follow-up, 1.1.0 Nasdaq Composite (Daily), SOX breakout a Descending Triangle on the upside forming a possible Bullish Morning Star pattern there could up more, this is good for the market.