Cobra's Market View Private Messaging System shows:
SHORT-TERM MODEL HAS NO IDEA ABOUT THE TREND, HODING BOTH LONG (TRAPPED) AND SHORT OVERNIGHT
The bottom line, the direction is till not clear, so we have to wait.
Bears had 3 consecutive gap downs, which though for bulls, up to 5 consecutive gap up is nothing but for bear, is too much, so chances are yet another gap down tomorrow morning is low. That said if indeed another gap down, then bulls better not hope another sharp intraday reversal because that’d be, I cannot remember how many times bulls did recently, which is pretty much boring and lacking imagination or I shall say requires a lot imagination.