Cobra's Market View Private Messaging System shows:
SHORT-TERM: HAVE A LITTLE DOUBT ABOUT TODAY’S RALLY
Still the same old question: does the rally today prove that the low was in?
The answer still is, I have a doubt.
My main witness is the last 60 min bar is too red, looks very much like the previous 2 times when SPY sharply gapped down the next morning. It especially looks suspicious that today’s rally, although huge but the money flow is very negative. Read carefully on the table below, clearly the selling was from block trades which in another words are big guys were selling into the strength. Well, again, bulls can always argue that the 3rd time is different, so let’s see tomorrow.
INTERMEDIATE-TERM: MORE SELLING AHEAD
See 06/24 Market Outlook for more details.
SEASONALITY: BEARISH THURSDAY BULLISH FRIDAY
ACTIVE BULLISH SIGNALS:
ACTIVE BEARISH SIGNALS:
ACTIVE BULLISH OUTLOOKS:
ACTIVE BEARISH OUTLOOKS:
HIGHLIGHTS OF THE OTHER ETFS IN MY PUBLIC CHART LIST: