06/08/2011 Market Outlook (Still today’s low will be revisited at least)


Cobra's Market View Private Messaging System shows:


SHORT-TERM: NOT SURE ABOUT REBOUND BUT AT LEAST TODAY’S LOW WILL BE REVISITED

Since another down day and another close below BB bottom today, so the statistics mentioned in 06/07 Market Outlook is still valid: the very first rebound after such a strong down momentum would most likely fail, therefore bears at least have one more chance to sell the bounce.

And here’s one more evidence to support the above claim: 6.4.2c Extremely Low TICK MA3 Readings Watch. See chart below, short-term rebound then lower low ahead.

TICKMA3

From chart pattern, there’s not even a Bear Flag yet, so it’s very rare for the market to be bottomed today, so again, the very first rebound is a sell.

SPY60min

On the bull side, no need say much about rebound signals, as everyone knows there’re so many of them, just the question is when? The chart below is the most important bottom signal I saw today: 8.1.5 Normalized CPCE. And there’re two other similar charts, click links below to see if interested.

NormalizedCPCE

INTERMEDIATE-TERM: STATISTICALLY BEARISH FOR THE NEXT 3 WEEKS

See 06/03 Market Outlook for more details.

SEASONALITY: NO UPDATE

See 06/01 Market Outlook for June day to day seasonality.

ACTIVE BULLISH SIGNALS:

ACTIVE BEARISH SIGNALS:

  • N/A

ACTIVE BULLISH OUTLOOKS:

ACTIVE BEARISH OUTLOOKS:

HIGHLIGHTS OF THE OTHER ETFS IN MY PUBLIC CHART LIST: 

  TREND COMMENT
SPY & Weekly DOWN Clear breakdown, target March lows as well as MA(200).
QQQ & Weekly DOWN  
IWM & Weekly DOWN Head and Shoulders Top breakdown, target $74.57.
SSEC & Weekly DOWN  
EEM & Weekly DOWN  
XIU & Weekly DOWN  
TLT & Weekly UP  
UUP & Weekly DOWN  
GLD & Weekly UP  
GDX & Weekly DOWN *Volume surge, may be bottomed for at least short-term or close.
USO & Weekly DOWN
XLE & Weekly DOWN  
XLF & Weekly DOWN  
IYR & Weekly UP  
XLB & Weekly DOWN  
  • * = 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.
© 2013 Cobra's Market View — All Rights Reserved.