Cobra's Market View Private Messaging System shows:
Once again the market opened high and closed lower. However it doesn’t mean bearish yet because even on an intraday chart there’s no lower low yet. From the chart below, one could argue for a potential Double Top while the other argue for an Ascending Triangle. So we need see tomorrow.
Overall, lots of bad signs, just since bulls have YES WE CAN, so all I can say now are bears may have a tiny tiny little little hope. (Well, ask yourself if you ever believe those bad signs at all. If the answer is no, then perhaps this time they will work. LOL)
6.4.2c Extreme TICK Readings Watch, the very unique thing today is again an extremely low TICK reading was recorded, so very likely a lower low or close ahead.
INTERMEDIATE-TERM: BEARISH BIASED, PIVOT DATE EITHER ON 10/25 OR AROUND 11/04
Maintain the intermediate-term bearish view. We may have passed the pivot day on 10/25 or the next pivot day could be 11/04. Below are summaries of all the arguments supporting my intermediate-term bearish view:
- As mentioned in 10/29 Market Recap, commercial (smart money) holds record high short positions against Nasdaq 100.
- As mentioned in 10/29 Market Recap, AAII bull ratio (4-week average) is way too bullish.
- As mentioned in 10/29 Market Recap, institution selling keeps increasing.
- As mentioned in 10/08 Market Recap, statistically, a strong off-season could mean a weaker earning season.
- As mentioned in 10/22 Market Recap, NYSI Weekly STO(5,3,3) sell signal means choppy ahead.
SEASONALITY: LAST 2 MONTHS OF YEAR ARE BULLISH
See 10/29 Market Recap for more details.
HIGHLIGHTS OF THE OTHER ETFS IN MY PUBLIC CHART LIST
|NDX Weekly||%B too high with negative divergence. NASI weekly STO(5,3,3) sell signal.|
|CHINA||07/15 L||Primary downtrend line breakout not confirmed.|
|CHINA Weekly||High %B with negative divergence plus stalled under primary bear trend line. Pullback?|
|EEM||Could be a Symmetrical Triangle in the forming, so one more push up?|
|XIU.TO||08/31 L||*Breakdown trend line then back test the previous high?|
|XIU.TO Weekly||Testing Fib 61.8%.|
|TLT||1-2-3 trend change confirmed, the intermediate-term trend is down. ChiOsc is too low though.|
|FXE||Could be a Symmetrical Triangle in the forming, so one more push up?
Pay attention to volume surge on UUP, US$ may very close to a bottom.
|FXE Weekly||Stalled at Fib confluences area.|
|GLD||Watch for potential 1-2-3 trend change! Bump and Run Reversal in the forming?
*Bearish reversal bar.
|GDX||10/29 L||Watch for potential 1-2-3 trend change! *Bearish reversal bar.|
|USO||*Bull Flag breakout to be confirmed.|
|XLE Weekly||%B too high with negative divergence.|
|XLF Weekly||Head and Shoulders Top in the forming?|
|IYR||Testing trend line support.|
|IYR Weekly||Home builders are lagging.|