Cobra's Market View Private Messaging System shows:
*Please make sure you understand how to use the table above. The main purpose of this report is to provide information so contradictory signals are always presented.
SEASONALITY: NO UPDATE
CYCLE ANALYSIS: THE NEXT IMPORTANT DATE IS 05/06
See 04/16 Market Recap for more details. Please don’t read too much into cycle analysis, and I’m also not sure if the market will pullback from 04/20 (+-) to 05/06 (+-). All I know is that the next potential turn date is 05/06 (+-) which could either be a top or a bottom depending on how the market marches to that date.
INTERMEDIATE-TERM: EXPECT ROLLER COASTER AHEAD
See 04/16 Market Recap for more details.
SHORT-TERM: EXPECT MORE PUSH UP AHEAD
Today is a Bullish Reversal Day, see green arrows in the chart below for what happened after such kind of day. Generally when a day like today, gap down open < yesterday’s low, it’s usually a strong down trend day, if, however, in the end the market manages to close in green, from my experiences (also could be seen on chart below), such kind of day usually means more up days ahead.
1.0.0 S&P 500 SPDRs (SPY 60 min), could be a Symmetrical Triangle in the forming which according to the Elliott Wave theory usually means a wave 4, therefore it also says there at least could be one more push up ahead.
STOCK SCREENER: For fun only, I may not actually trade the screeners. Since SPY ST Model is in BUY mode, only LONG candidates are listed. For back test details as well as how to confirm the entry and set stop loss please read HERE. Please make sure you understand the basic risk management HERE.
Looks like it’s too late to long stocks now as the market is way too overbought. Waiting for a better chance.