Cobra's Market View Private Messaging System shows:
SHORT-TERM: DIRECTION UNCLEAR, I’M BEARISH BIASED THOUGH
Nothing to say today, so I’ll skip the After Bell Quick Summary. The short-term direction is unclear, so we have to wait to see in which direction the market breakout first. For now, neither has apparent edges (as far as I can see). Some people may say that today looks very much like the Jan 31, so chances are good that we’ll see a huge rally tomorrow. My guess is that we might not repeat what happened after the Jan 31, because the price bar bodies overlap each other on today’s rebound so it’s quite possible that the 2 leg up rebound has completed intraday. This is very much unlike the chart pattern on Jan 31, when the day only completed the very 1st leg up, as the nature of no overlap bars kind of rebound almost guaranteed there’d be a 2nd leg up the next day. Well, this is just a little speculation, after all, only the market action in the coming days will tell, so let’s wait and see.
INTERMEDIATE-TERM: PULLBACK SINCE 02/22 COULD LAST 4 WEEKS ON AVERAGE, THE 02/18 HIGH WILL BE REVISITED THEREAFTER
See 02/23 Market Recap for more details.
SEASONALITY: FIRST TRADING DAY IN MARCH COULD BE VERY BULLISH
HIGHLIGHTS OF THE OTHER ETFS IN MY PUBLIC CHART LIST
|CHINA Weekly||UP||No higher low yet but the rebound is so strong so could be in uptrend now.|
|TLT||Could be a channel breakout, trend may about to change.|
|USO||Clear breakout on WTIC chart.|
|XLE Weekly||UP||Too far above MA(200).|
|XLF Weekly||?||*Small lower low wait for follow through to confirm the trend change.|
- 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.