Cobra's Market View Private Messaging System shows:
THE SHORT-TERM MODEL BELIEVES THE TREND IS DOWN, HOLDING SHORT POSITION OVER THE WEEKEND
The bottom line, I believe a rebound of some kind is just a matter of time, but chances are the low wasn’t in yet, so the rebound, if any, most likely is a sell opportunity.
Bullish biased toward the next Monday because TICK closed below 1,000 which means 12 out of 16 chances (75%) a green day the next day.
For the last 2,000 trading days, there’re not many cases when SPY down 7 days in a row, 3 out 4 cases a green day the next day though.
Those who follow the Cobra Impulse System, it’s time to set the stop loss to breakeven.