Cobra's Market View Private Messaging System shows:
SHORT-TERM: COULD SEE SOME WEAKNESS THE NEXT WEEK
- Could see some weakness the next week, at least won’t rally huge.
- Still expect higher high ahead as mentioned in 07/07 Market Outlook. The reason I reiterate here is to imply, although I expect some weakness the next week, but I don’t mean drop right away, could be some back and forth, and usually the 07/07 highs would be revisited first.
Why expect some weakness the next week?
- As mentioned in 07/08 Trading Signals, red Non Farm Payroll day most likely means a reversal. The chart below highlighted all the red Non Farm Payroll days since the 2009 bull market. Clearly we can see there’s only 1 exception out of 10, so although superstitious it sounds but the odds just are too high to be ignored.
- Although the Friday intraday feels very bullish but the fact the daily hollow red bar formed near highs usually means a top, besides, the ChiOsc is way too high now.
- Nothing on Earth is beyond gravity, so MACD Hist cannot stay high for ever, the chart below at least doesn’t agree a huge rally the next week.
- The chart below is from Schaeffer, seems bearish on July Expiration Week.
INTERMEDIATE-TERM: BULLISH JULY
SEASONALITY: BULLISH MONDAY BEARISH FRIDAY, BEARISH JULY EXPIRATION WEEK
According to Stock Trader’s Almanac:
- Monday before July expiration, Dow up 6 of last 7.
- July expiration day, Dow down 6 of last 10, off 390 points (4.6%) in 2002.
Also see 07/01 Market Outlook for July seasonality chart
ACTIVE BULLISH OUTLOOKS:
- 09/27 Market Recap: 9 POMO within 20 trading days means 14%+ up in 3 months.
- 07/01 Market Outlook: Bullish July. Also one more evidence in 07/05 Market Outlook.
- 07/07 Market Outlook: New NYHGH high means SPX higher high ahead.
ACTIVE BEARISH OUTLOOKS:
07/01 Market Outlook : Market is a little overbought, could see pullback soon.
- 07/08 Market Outlook: Could see some weakness the next week.
SUMMARY OF SIGNALS FOR MY PUBLIC CHART LIST: