Cobra's Market View Private Messaging System shows:
SHORT-TERM: COULD BE A BULL FLAG IN THE FORMING, SO ONE MORE PUSH UP AHEAD
Don’t know if because of the snow storm the market today feels like a holiday, so I’ll skip today’s After Bell Quick Summary. The intraday chart looks like a bull Flag or Pennant or Descending Triangle in the forming, especially the consolidation is right on the previous resistance (now support) which should be a bullish pattern. Two cents:
- Still, as mentioned yesterday, a strong up like what happened on 02/01 seldom has only one leg, so chances are good that we’ll see another leg up.
- If the market drops sharply tomorrow indicating that there’s no more leg up which mirrors the last Friday’s merely one leg down (normally should be 2 legs down), then be careful about the reversal of reversal of reversal pattern commonly seen on an important top.
INTERMEDIATE-TERM: IN WAIT AND SEE MODE, WHETHER THE 01/28 HIGHS IS THE WAVE 5 HIGH REMAINS TO BE SEEN
Intermediate-term still in wait and see mode, temporarily bearish biased, see 01/28 Market Recap for more details.
SEASONALITY: BULLISH TUESDAY
According to Stock Trader’s Almanac, first day trading in February, Dow and S&P up 7 of last 8, NASDAQ up 6 years in a row.
HIGHLIGHTS OF THE OTHER ETFS IN MY PUBLIC CHART LIST
|NDX Weekly||UP||BPNDX is way too overbought.|
|EEM||ChiOsc is little too low.|
|TLT||0.2.1 10Y T-Bill Yield: Symmetrical Triangle? So bond should keep falling?|
|GLD Weekly||DOWN||STO is way too oversold, led to a rebound the last 2 times.|
|XLF Weekly||UP||Testing resistance which also is multiple Fib confluences area.|
|XLB Weekly||DOWN||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.
- 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 daily chart.
- DOWN = Intermediate-term downtrend. Set when I see at least one lower high and lower low on daily chart.