Cobra's Market View Private Messaging System shows:
SHORT-TERM: MORE LIKELY TO CONTINUE LOWER
A Descending Triangle could be in the forming on the SPY intra-day chart, so more likely it will continue lower tomorrow. I’m not very sure because it looks that VIX is about to reverse down, so let’s see tomorrow. On a little bigger picture, I still believe that 08/09 lows will be broken to allow NYMO to form a positive divergence before a real bottom could be possible.
INTERMEDIATE-TERM: SPX DOWNSIDE TARGET IS 1,000, THE CORRECTION COULD LAST 1 TO 2 MONTHS
See 08/19 Market Outlook for more details.
SEASONALITY: NO UPDATE
Please see 07/29 Market Outlook for day to day August seasonality chart.
ACTIVE BULLISH OUTLOOKS:
- 08/18 Market Outlook: Relief rally could be within 3 trading days.
ACTIVE BEARISH OUTLOOKS:
SUMMARY OF SIGNALS FOR MY PUBLIC CHART LIST: