Cobra's Market View Private Messaging System shows:
SHORT-TERM: ASCENDING TRIANGLE BREAKOUT? TEXT BOOK TARGET $122.24
Although the show wasn’t bad today but I don’t have much to say, so I’ll skip today’s After Bell Quick Summary. Overall, whether it’s a valid Ascending Triangle breakout, we need see a follow through tomorrow. I can sense bullishness all over the air after today’s market action, it looks like SPX 3,000 is not a dream at all and so my earlier retirement with my dreamy yacht. However, let’s just don’t get too excited, after all, the ChiOsc on SPY 60 min is a little bit too high so a very short-term pullback is still likely. Besides, there’re still simply too many reversal like bars on the SPY daily chart, including today’s Hanging Man. The best way to eliminate all those bad signs are huge up tomorrow, well, let’s see.
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?|
|XIU.TO||08/31 L||Breakdown trend line then back test the previous high? TOADV MA(10) too 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||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?|
|GDX||10/29 L||Watch for potential 1-2-3 trend change!
*Bearish reversal bar plus black bar plus Hanging Man, more pullback?
|XLF Weekly||Head and Shoulders Top in the forming?|
|IYR Weekly||Home builders are lagging.|