Cobra's Market View Private Messaging System shows:
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.|
|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.
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.
T2103 Zweig Breadth Thrust from Telechart, oversold so it also argues for a rebound.
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.
1.4.0 Shanghai Stock Exchange Composite Index (Daily), Evening Star so could mean more pullbacks ahead.