10/27/2009 Market Recap: Three Black Crows


Cobra's Market View Private Messaging System shows:


Summary:

CPCE held for 2 days confirming at least a short-term top.

Could be more pullbacks ahead but the market may rebound first.

  TREND MOMENTUM EMOTION COMMENT - Sample for using the trend table.
Long-term Up   Disbelieve  
Intermediate Down Neutral  
Short-term Down *A little oversold    
SPY SETUP ENTRY DATE INSTRUCTION STOP LOSS Mechanic trading signals for reference only.
Back tested since 2002.
ST Model 10/14 L 10/13 Low Stopped out with loss on 10/26
Reversal Bar     Stopped out with gain on 10/21.
NYMO Sell 10/21 S *Adjust stop loss *Break even

 

 

         

INTERMEDIATE-TERM: CPCE HELD FOR 2 DAYS CONFIRMING AT LEAST A SHORT-TERM TOP

2.8.0 SPX:CPCE, trend line held for 2 days confirming at least a short-term top. Let’s see how long the trend line will hold this time.

CPCE 

SHORT-TERM: COULD BE MORE PULLBACKS AHEAD BUT THE MARKET MAY REBOUND FIRST

0.0.2 SPY Short-term Trading Signals, Three Black Crows formed, so very likely more pullback ahead. The good news is that NYMO is now oversold so could be a rebound soon. Just if you really really want to buy this dip, better wait for a Bullish Reversal Day (Open low close higher) or a reversal pattern on an intraday chart. Right now I see neither of them.

SPYShortTerm

T2103 Zweig Breadth Thrust from Telechart, oversold so it also argues for a rebound.

T2103

1.0.9 SPX Cycle Watch (60 min), a cycle is due today looks like a cycle bottom so again it argues for a rebound.

SPX60minCycle

INTERESTING CHARTS:

1.4.0 Shanghai Stock Exchange Composite Index (Daily), Evening Star so could mean more pullbacks ahead.

SSECDaily

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