Cobra's Market View Private Messaging System shows:
SHORT-TERM: BULLS NEED A BREAKOUT, THE LONGER THE CONSOLIDATION THE WORSE THE CHANCES
Short-term direction still depends on which side breaks first, SPX 1148 or 1122? See 09/27 Market Recap for more details. However, as exclaimed by the title, bulls need a breakout as soon as possible because the longer the current consolidation goes the worse the situation for bulls. As illustrated in the chart below, since March 2009, a consolidation usually meant a top and on average it took 5 days to consolidate before a big pullback kicking in, while now the market has already been consolidating for 3 days. In another word, all bears need are to hold the current consolidation range for 2 to 3 more days then probably the gravidity would come to rescue.
1.0.1 S&P 500 SPDRs (SPY 15 min), the Ascending Triangle is confirmed today, now we will see if bulls can make a breakout tomorrow. Remember, the breakout must be huge, otherwise it still could be seen as a consolidation which according to the chart above, is not bull friendly. The question is: Is huge up possible? I recommend to take a look at today’s After Bell Quick Summary, because a potential Firework trading setup could be triggered and if so then bulls may have good chances.
INTERMEDIATE-TERM: BULLISH, BUT NEED SOME IMAGINATION TO FORESEE HOW BULLISH
See 09/27 Market Recap for more details.
SEASONALITY: LAST TRADING WEEK OF MONTH WAS GENERALLY BEARISH
See 09/24 Market Recap for more details.
HIGHLIGHTS OF THE OTHER ETFS IN MY PUBLIC CHART LIST
|QQQQ||LA||4.1.1 Nasdaq 100 Index (Weekly): NDX to SPX ratio too high.|
|EMERGING||UP||4.1.6 iShares MSCI Emerging Markets (EEM Weekly): EEM to SPX ratio too high.|
|CANADA||UP||TOADV MA(10) too high, pullback?|
|BOND||*LA||4.2.0 20 Year Treasury Bond Fund iShares (TLT Weekly): Morning Doji Star?|
|GDX||UP||4.3.1 Market Vectors Gold Miners (GDX Weekly): GDX to SPX ratio too high.|
|FINANCIALS||*DOWN||4.4.2 Financials Select Sector SPDR (XLF Weekly): Head and Shoulders Top in the forming?|
|REITS||*DOWN||4.4.3 Real Estate iShares (IYR Weekly): Home builder is lagging.|