Cobra's Market View Private Messaging System shows:
No conclusion, small body bar formed today could mean a continuation or reversal.
Could be a Head and Shoulders Bottom formed on the TLT daily chart.
Zweig Breadth Thrust is overbought.
|Trend||Momentum||Comments - Sample for using the trend table.|
|Intermediate||Up*||Overbought*||Further confirmation needed for the intermediate-term buy signals.|
|My Emotion||Up||Still think this is a bear market rally.|
0.0.2 SPY Short-term Trading Signals, the small body bar formed today could mean either continuation or reversal, need to see tomorrow. Please refer to 7.2.0 Small Body Bar Trading Rule for more discussions about small body bar.
0.0.3 SPX Intermediate-term Trading Signals, SPX was rejected again under the Bearish Rising Wedge resistance line. Although there’re lots of negative divergences, but since buy signals were triggered by MACD and NYSI, so today I upgraded the intermediate-term to buy from sell.
7.0.A Major Accumulation Day Watch, as being discussed recently, according to the past pattern if the SPX wasn’t down 2 days in a row then odds are that the uptrend would continue. Just, by comparing with all the dashed green lines, the follow-through we had in the past 2 days after last Friday’s Major Accumulation Day was weak. A similar case was marked with blue cycle on the chart for your references.
Bottom line, I have no evidence to prove that the market is topped while short-term I need to see how market unfolds tomorrow.
Two interesting charts for your info only:
3.0.3 20 Year Treasury Bond Fund iShares (TLT Daily), could be a Head and Shoulders Bottom in the forming.
T2103 Zweig Breadth Thrust from Telechart, overbought.