Cobra's Market View Private Messaging System shows:
*Please make sure you understand how to use the table above. The purpose of this report is to provide info so contradictory signals are always presented.
SHORT-TERM: STILL EXPECT PULLBACK, NOT SURE WHEN AS THE MARKET MAY STILL HAVE A FEW DAYS UP
Maintain the forecast mentioned in 09/13 Market Recap: Expect a pullback, but it may occur after a few days small up or consolidation.
I saw a couple of not so good signs today, but they’re not very solid so for fun only.
The chart below shows a few Fib 100% coincidences. Theoretically, when both price and time target are met, it may mean that today could be a top of some kind. I’m not sure though, just a possibility.
- 09/14 is Fib 100% from 07/01 low to 08/09 high in terms of trading days.
- 89 point from 06/08 low to 06/21 high = 89 point from 07/01 low to 07/13 high = 88 point from 08/27 low to 09/14 high.
I mentioned a hollow red bar in chart 0.1.0 SPY Short-term Trading Signals may mean a top in today’s After Bell Quick Summary. Actually, besides the hollow red bar, 2 consecutive small body bars (kind of Doji bars) also don’t look good. The chart below highlighted all the 2 consecutive small body bars (|open - close| < 0.25 * ATR(10) and RSI(2) > 85) formed in recent years. From the chart, we can see:
- Chances are high for at least a short-term pullback thereafter. Although in some cases, SPY simply up and up and up, and this is why in today’s After Bell Quick Summary, I said, in order to avoid a pullback, a huge up day is needed.
- Short at today’s close, cover at the very first red day close since year 2000, you have 71% chances.
INTERMEDIATE-TERM: BULLISH, BUT HOW BULLIS IS TO BE REASSESSED
See 09/10 Market Recap for more details.
SEASONALITY: SEPTEMBER IS BEARISH, THE TRIPLE WITCHING FRIDAY IS BULLISH
See 09/03 Market Recap for September seasonality.
HIGHLIGHTS OF THE OTHER ETFS IN MY PUBLIC CHART LIST
*LA = Lateral Trend.