Cobra's Market View Private Messaging System shows:
THE SHORT-TERM MODEL BELIEVES THE TREND IS UP HOLDING NO POSITION OVER THE WEEKEND
Unbelievable, another red Non Farm Payroll day which according to the chart below could mean a top of some kind is around.
And don’t forget what I said in the last night report, as all have been fulfilled, that indeed we have another reversal bar on the SPY chart, a more serious one though, because it’s not a black bar I kind hoped last night, it’s a bearish reversal bar.
That said, I don’t mean we’re doomed the next Monday, it’s just a warning, because nowadays it requires considerable amount of evidences to call a reversal, as the market tends to go extremely extreme and for now I see no bull extreme yet, so although apparently I’m bearish biased, but I’m very cautious in calling an immediate reversal here. Again, don’t front run the market unless you know what you are doing!
Cobra Impulse System still hasn’t decided to long or to short, but will try one more time on both side the next Monday. See table below for instructions. Enjoy your weekend!