Cobra's Market View Private Messaging System shows:
No conclusion, small body bar formed today could mean either a continuation or reversal.
Expect INDU to pullback soon.
Could be a Bear Flag in the forming on Shanghai Index.
|Trend||Momentum||Comments - Sample for using the trend table.|
|Intermediate||Up||Neutral||Further confirmation needed for the intermediate-term buy signals.|
|My Emotion||Wait*||Still think this is a bear market rally.|
Nothing to say. Small price bars for 4 days in a row indicates an indecision which could mean either a continuation or reversal, so still have to wait for tomorrow. Just, INDU has been up 8 days in a row while the volume kept decreasing in the last 5 days, this is a typical price-volume negative divergence which usually means a pullback, so it’s possible that INDU could pullback as early as tomorrow.
7.4.5 Shanghai Stock Exchange Composite Index (Daily), just have a look, could be a Bear Flag in the forming so Shanghai index may go down further. How the correction of the Shanghai index going to affect the US stock market is remained to be seen.