Cobra's Market View Private Messaging System shows:
SHORT-TERM: REBOUND, IF ANY, IS SELL
For three reasons, I believe, rebound, if any, is sell:
- The Last Engulfing Bottom formed on the SPY daily chart means bearish continuation 65% times. The chart below, highlighted in red, are the recent cases when Last Engulfing Bottom (at at least 5-day low) was formed, clearly we can see all were in the middle of a down swing.
- Non-Stop signalled a sell today, I hope you still remember that in 07/15 Market Outlook, I proved that such a sell signal was correct 25 out of 27 (93%) times. In another word, there’re only 7% chances today’s low was the low. By the way, those who follow Non-Stop, tomorrow should close long and if you’re aggressive trader, may consider open a short.
- As mentioned in 07/29 Market Outlook, SPX down 5 or more days in a row means today’s low will be revisited eventually.
INTERMEDIATE-TERM: IN DOWNTREND, SPX TARGET MARCH LOWS AT 1249
A Double Top could be formed on the SPX daily chart, therefore the target could be the March lows at 1249.
SEASONALITY: BEARISH FIRST 9 TRADING DAYS OF AUGUST
ACTIVE BULLISH OUTLOOKS:
07/01 Market Outlook : Bullish July. Also one more evidence in 07/05 Market Outlook .Failed! 07/07 Market Outlook : New NYHGH high means SPX higher high ahead.Failed!
ACTIVE BEARISH OUTLOOKS:
07/20 Market Outlook : Multiple evidences arguing for more pullbacks ahead. Also 2 more evidences in 07/25 Market Outlook .
- 07/22 Market Outlook: Bearish on AAPL, therefore QQQ as well.
- 08/01 Market Outlook: Rebound, if any, is sell.
SUMMARY OF SIGNALS FOR MY PUBLIC CHART LIST: