Cobra's Market View Private Messaging System shows:
Could be a turning day tomorrow.
|Trend||Momentum||Comments - Sample for using the trend table.|
|Long-term||Down||Idea for trading intermediate-term under primary down trend.|
Could be a turning day tomorrow as I saw a few potential turning signs today.
7.6.1 SPX Cycle Watch (60 min), today is the end of 7 trading day cycle while tomorrow is the end of 13 trading day cycle, both or either of those days could be a turning day.
2.0.0 Volatility Index (Daily), from the chart we can see that black bar has very high chances of being a reversal bar.
3.0.0 10Y T-Bill Yield, yield always leads the stock market. It formed a Bearish Dark Cloud Cover today, so it could pullback which means that the stock market could pullback as well.
From chart pattern, I see lots of negative divergences on SPY, QQQQ and USO intraday charts so they could pullback, while I see lots of positive divergences on UUP chart which means US$ could rebound. The combination of those charts should mean a pullback of the stock market.
Listed all the other overbought signals below. It’s true that in a strong uptrend, market could be overbought then even more overbought, but personally, without seeing a pullback, I won’t chase high here.
0.0.3 SPX Intermediate-term Trading Signals, ChiOsc way too high.
2.4.2 NYSE - Issues Advancing, overbought.
T2103 - Zweig Breadth Thrust from Telechart, overbought.
Last but not the least, take a look at After Bell Quick Summary, from seasonality point of view, tomorrow is the most bearish day in July.