05/19/2010 After Bell Quick Summary

Cobra's Market View Private Messaging System shows:

As expected, the SPX bounced from MA(200) forming a Doji which means an indecision. Looks to me a Bear Flag could be in the forming which is not very bull friendly especially multiple resistances are not far above. On the other hand, I do have two more buy setups triggered according to some of the TradingMarkets short-term strategies which say that you should long SPY at close (above 80% winning rate) for a very short-term gains. So my best guess is that we could see more rebound tomorrow even into the Friday OE, but I see no evidences arguing that the market was bottomed yet.


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