09/10/2009 Market Recap: The last resistance stand

Cobra's Market View Private Messaging System shows:


SPX 1044 is the last resistance before SPX 1200ish.

Bearish Rising Wedge plus negative divergence could mean a short-term pullback soon.

US$ could rebound.

  Trend Momentum Comments - Sample for using the trend table.
Long-term Up    
Intermediate Down Neutral  
Short-term Up Neutral  
My Emotion Wait   Could repeat what happened after 8/17, so be careful bears.

1.0.0 S&P 500 Large Cap Index (Weekly), SPY stopped right at 1044 today which is the last resistance before some serious resistances much much above at 1200ish.


Short-term, I’m not sure. According to the After Bell Quick Summary, seasonality favors bulls tomorrow. Just I see some bearish short-term signals, so if we do have a “patriotic rally” tomorrow then likely we’ll have a pullback next week.

1.0.3 S&P 500 SPDRs (SPY 30 min), Bearish Rising Wedge plus negative divergences. The only way to fix these bearish signs are SPY to be up huge tomorrow.


T2103 Zweig Breadth Thrust from Telechart, very overbought now.


3.1.2 PowerShares DB US Dollar Index Bullish Fund (UUP 30 min), lots of positive divergences so US$ could rebound which is not good for the stock market in a short-term.


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