Cobra's Market View Private Messaging System shows:
SHORT-TERM: WAIT TOMORROW TO SEE IN WHICH DIRECTION THE MARKET BREAKS
Since all the tricks I’ve been using in the After Bell Quick Summary have stopped working plus it’s the holiday season, I really don’t have much to say, so I’ll temporarily pause the After Bell Quick Summary.
Whenever the market acts like today: open low going high without a single hour of turning back, it’s very bullish and generally means more upside ahead. However, bears still have a glimmer of hope if SPY could breakdown below $125.04 tomorrow. So we’ll have to see what the market brings us tomorrow.
Another thing to watch tomorrow is CPCE. It broke above its 3 points validated trend line again. Whether this is a real breakout meaning a market top of some kind, I’m not sure but we need see the trend line held the breakout anyway, so again, let’s see tomorrow.
INTERMEDIATE-TERM: COULD BE WAVE 5 UP TO SPX 1300+, PIVOT TOP COULD BE AROUND 01/05 TO 01/12
See 12/17 Market Recap for more details.
SEASONALITY: LAST WEEK AND THE LAST 2 TRADING DAYS OF THE MONTH WERE GENERALLY BEARISH
See 12/23 Market Recap for more details.
HIGHLIGHTS OF THE OTHER ETFS IN MY PUBLIC CHART LIST
|FXE||The 2nd test of the previous low, so there’s a chance EURO is bottomed around here.|
|IYR Weekly||UP||Home builders are lagging.|
|XLB Weekly||UP||BPMATE is way too overbought.|
- 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.
- Position reported in short-term session of the table above is for short-term model only, I may or may not hold other positions which will not be disclosed.
- Conclusions can be confirmed endlessly, but trading wise, you have to take actions at certain risk level as soon as you feel the confirmation is enough. There’s no way for me to adapt to different risk levels therefore no trading signals will be given in this report except the mechanical signals such as SPY ST Model.
- * = New update; Blue Text = Link to a chart in my public chart list.
- Trading signals in OTHER ETFs table are mechanical signals. See HERE for back test results. 08/31 L, for example, means Long on 08/31.
- UP = Intermediate-term uptrend. Set when I see at least one higher high and higher low on weekly chart.
- DOWN = Intermediate-term downtrend. Set when I see at least one lower high and lower low on weekly chart.