07/30/2009 Market Recap: Turning Point? | Cobra's Market View

07/30/2009 Market Recap: Turning Point?


Summary:

Could be a down day tomorrow.

Could be a turning point today or very close.

  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  

Because CPC < 0.7, so in the After Bell Quick Summary, I mentioned that higher chances a down day tomorrow. Just at that time, I wasn’t sure if I got the correct CPC readings. Now thanks for a reader, I’ve confirmed the readings form the official CBOE site at htttp://www.cboe.com/data/mktstatall.aspx. Also, 2.8.0 SPX:CPCE, because CPCE < 0.56, see dashed red lines, this also means a down day tomorrow.

CPCE

1.0.2 S&P 500 SPDRs (SPY 60 min), After Bell Quick Summary mentioned that SPY now has 8 unfilled gaps. Here is another chart with more restrict gap criteria, 1.1.0 Nasdaq Composite (Daily), even so, it still has too many unfilled gaps. So I believe that today’s gap may likely be filled within a very short time.

COMPQDaily

T2103 Zweig Breadth Thrust from Telechart, overbought plus negative divergence. The overbought signal is quite reliable from this chart.

T2103

0.0.3 SPX Intermediate-term Trading Signals, too many negative divergences. Especially NYADV and NYUPV, not only a “vacuum” divergence exists between them but also each have negative divergence on its own.

SPXMidTerm

1.1.4 Nasdaq 100 Index Intermediate-term Trading Signals, black bar looks bearish to me.

NDXMidTerm

7.6.0 SPX Cycle Watch (Daily), could be a turning day today. (The chart has drawing problem, so the cycle is actually due today.)

SPXDailyCycle

To summarize, possibly we’re very close to a short-term top or even have already passed the short-term top, therefore I expect a little bit bigger pullback ahead. As for target, well, I’ll discuss after the pullback being confirmed in case the market slaps me on the face AGAIN tomorrow... LOL.

24 Comments on "07/30/2009 Market Recap: Turning Point?"
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    July 30, 2009 at 11:38 pm
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    July 31, 2009 at 12:36 am
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    July 31, 2009 at 1:03 am
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    July 31, 2009 at 2:55 am
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    July 31, 2009 at 8:26 am
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    July 31, 2009 at 9:37 am
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    July 31, 2009 at 10:03 am
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    July 31, 2009 at 10:03 am
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    July 31, 2009 at 10:30 am
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    July 31, 2009 at 10:34 am
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    July 31, 2009 at 10:38 am
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    July 31, 2009 at 10:47 am
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    July 31, 2009 at 12:28 pm
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    July 31, 2009 at 2:53 pm
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    July 31, 2009 at 3:36 pm
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