Cobra's Market View Private Messaging System shows:
SHORT-TERM: COULD BE HEAD AND SHOULDERS BOTTOM BREAKOUT, TARGET $134.44
- Short-term trend is up, not confirmed but my guess is there could be more on the upside.
- Short-term, I’ll buy on strength only, not buy dip. Intermediate-term still is in downtrend, maintain the forecast for calling a lower low ahead.
For 2 reasons, I guess there could be more on the upside.
- Head and Shoulders Bottom breakout. I don’t essentially believe the target but won’t deny this could be a bullish pattern either.
- INDU Leads Market. Since INDU broke above MA(50) today so expect the SPX to follow soon.
In addition, there’re two things I’d like to remind you today:
The long setups mentioned on 03/16, some met the close condition.
There is a potential short setup which surprisingly works well. Personally, I don’t like this kind of setup though.
INTERMEDIATE-TERM: BULLISH IN 3 TO 6 MONTHS
SEASONALITY: BEARISH THE NEXT WEEK
According to Stock Trader’s Almanac:
- Week after Triple Witching, Dow down 15 of last 23, but rallied 4.9% in 2000, 3.1% in 2007 and 6.8% in 2009.
- March historically weak later in the month.
For March seasonality chart please refer to 03/01 Market Recap.
HIGHLIGHTS OF THE OTHER ETFS IN MY PUBLIC CHART LIST
|IWM & Weekly||UP|
|SSEC & Weekly||UP|
|EEM & Weekly||DOWN|
|XIU & Weekly||UP|
|TLT & Weekly||UP|
|FXE & Weekly||UP|
|GLD & Weekly||UP|
|GDX & Weekly||03/15 S|
|USO & Weekly||UP|
|XLE & Weekly||UP|
|XLF & Weekly||DOWN|
|IYR & Weekly||UP|
|XLB & Weekly||DOWN|
|DBA & Weekly||DOWN|
- 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.
- * = New update; Blue Text = Link to a chart in my public chart list.
- UP = Intermediate-term uptrend. Set when weekly buy signal is triggered.
- DOWN = Intermediate-term downtrend. Set when weekly sell signal is triggered.