Cobra's Market View Private Messaging System shows:
THE BOTTOM LINE, THE SHORT-TERM TREND IS UP, I HOLD LONG POSITION OVERNIGHT.
I’m bearish biased toward the short-term, not necessarily the next Monday though (kind hope a big up Monday to let me adjust my position, LOL). I’ll, as usual, try to coax you into believing so in the weekend report.
Seasonality is mixed for the next Monday. Generally, we should have a very very bullish 1st trading day of the Month but on the other hand the recent Mondays mostly were in red.
If you followed the Cobra Impulse System yesterday, it’s time to set your stop loss to breakeven now. May cause a premature exit but since the top warning issued by SPY ST Model is still valid today so better safe than sorry.
As for the price volume negative divergence trade mentioned yesterday, yes, it’s still valid. And now we have price up 4 days in a row while volume down 3 days in a row which is even more extreme. An up Monday with increased volume would make it a much better short setup. We’ll see.
Enjoy your weekend!
MECHANICAL TRADING SIGNALS:
|Long-term||2 of 2 BUY|
|Intermediate||4 of 5 BUY||5 of 5 NEUTRAL||Cobra Impulse in BUY mode; Non-Stop in BUY mode.|
|Short-term||5 of 6 NEUTRAL|
|SPY SYSTEM||ENTRY||STOP LOSS||INSTRUCTION: back test is HERE, signals are HERE.|
|CI Buy & Hold||04/28 L||N/A|
|CI Swing||04/28 L||*Breakeven||*Adjust the stop loss.|
DEMO ACCOUNT FOR SHORT-TERM MODEL: