Tomorrow could be up then down.
Seasonality not so "bull friendly" next week.
|Trend||Momentum||Comments - Sample for using the trend table.|
|Long-term||Down||Idea for trading intermediate-term under primary down trend.|
The rebound today was weak. 7.7.9 Russell 3000 Dominant Price-Volume Relationships, 1130 stocks price up volume down, this is a bearish readings.
About tomorrow, some info has already in the 6:00pm ET Quick Summary. Because the intraday model from www.sentimentrader.com is very close to overbought so I suspect we might see an intraday pullback if the market continues up tomorrow morning. (There’re possibilities that the pullback has already started, not sure.)
1.0.3 S&P 500 SPDRs (SPY 30 min), looks like a Bear Flag which means the market may continue down eventually. The STO indicator bellow also argues for a possible intraday pullback tomorrow.
Seasonality from www.sentimentrader.com, the first 4 trading days next week are not so “bull friendly”.
So, to summarize, if the market up again tomorrow especially if not up substantially, bulls better take profits while bears could test the water. Although officially the downtrend hasn’t confirmed yet, but I think the sell signals from 0.0.3 SPX Intermediate-term Trading Signals, are worth trying, after all, this still is a bear market, so to follow a sell signal is relatively safer than to follow a buy signal.