07/28/2009 Market Recap: Back Test or Ascending Triangle?

Cobra's Market View Private Messaging System shows:


Could be a back test of a broken Bearish Rising Wedge or an Ascending Tirangle is forming.

  Trend Momentum Comments - Sample for using the trend table.
Long-term Down   Idea for trading intermediate-term under primary down trend.
Intermediate Up Overbought  
Short-term Up Neutral*  

Not much to say today. Not sure if the market still has one push up or will continue to pullback. Let’s see how market unfolds tomorrow.

1.0.3 S&P 500 SPDRs (SPY 30 min), this is a bearish view. A bigger Bearish Rising Wedge was broken and then back tested. A smaller Bearish Rising Wedge was broken and then could be back tested again. If so, tomorrow the market may continue to pullback.


1.0.4 S&P 500 SPDRs (SPY 15 min), this is a bullish view, an Ascending Triangle could be in the forming.


1.0.2 S&P 500 SPDRs (SPY 60 min), tomorrow will be the end of 7 trading day cycle which is a potential turning day. So if the market rise, then tomorrow could be a short-term top, while if the market drops, then tomorrow could be a short-term bottom. About the reliability of this 7 trading day cycle, please refer to 7.6.1 SPX Cycle Watch (60 min). At least it looks pretty reliable to me.


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