06/02/2011 Market Outlook (The Tale of Non Farm Payrolls Report Day)


Cobra's Market View Private Messaging System shows:


SHORT-TERM: THE SELLING IS NOT OVER YET

Most likely the selling isn’t over yet. The chart below shows a possible (and NORMAL) bullish case where a lower low is still needed before any meaningful rebound is possible.

SPY15min

About tomorrow’s Non Farm Payroll day, two things for your attention:

  • General bullish and more likely a pivot point.

NFP

NFP10StrongestNFP10Weakest

About Cobra Impulse System, forgot to mention in today’s Trading Signals: There’s potential buy setup, but need a higher high and green day tomorrow to confirm.

CI

INTERMEDIATE-TERM: MAY SEE NEW HIGH, TARGETING SPX 1352 to 1381 AREA, BIG CORRECTION MAY FOLLOW AFTER THAT

See 05/27 Market Outlook for more details.

SEASONALITY: BULLISH TUESDAY, WEDNESDAY AND THE ENTIRE WEEK

See 05/27 Market Outlook for more details.

Also see 06/01 Market Outlook for June day to day seasonality.

ACTIVE BULLISH SIGNALS:

ACTIVE BEARISH SIGNALS:

ACTIVE BULLISH OUTLOOKS:

ACTIVE BEARISH OUTLOOKS:

HIGHLIGHTS OF THE OTHER ETFS IN MY PUBLIC CHART LIST: 

  TREND COMMENT
SPY & Weekly UP  
QQQ & Weekly DOWN  
IWM & Weekly UP
SSEC & Weekly DOWN  
EEM & Weekly DOWN  
XIU & Weekly UP  
TLT & Weekly UP  
UUP & Weekly UP  
GLD & Weekly UP  
GDX & Weekly DOWN  
USO & Weekly DOWN
XLE & Weekly UP  
XLF & Weekly DOWN  
IYR & Weekly UP  
XLB & Weekly UP  
  • * = 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.
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