THE SHORT-TERM MODEL BELIEVES THE TREND IS UP HOLDING NO POSITION OVERNIGHT
The bottom line, well, allow me sometime to dig more excuses to talk you into the bear side. For now, more up ahead, I don’t mean merely a higher high tomorrow.
Tomorrow is the 1st trading day of a month which usually is bullish as according to Stock Trader’s Almanac, Nasdaq up 17 of 23. In addition, the chart below shows we’ve had 4 consecutive red 1st days which makes me think that the 5th time might be different, i.e. we’ll finally see a green day, as the odds of a bullish 1st trading day of a month WAS fixed, unless some fundamentals have been dramatically changed.
The short setup according to Cobra Impulse System not confirmed today but the system will try to sell the bounce again tomorrow should SPY break below today’s low and close in red. However, in case SPY breaks above today’s high and closes in green tomorrow, the system will be in bulls camp. So kind of decision day for the Cobra Impulse System.
OY VEY
Master Cobra, you mentioned repeatedly that Money Flow only counts at day’s end and today is a perfect example of why that’s the case: the money flow was -$100-ish (million) throughout much of the day. But due to the huge run-up at the end, the money flow at the end of the day is an astonishing $11,801 (million)!
Thanks, so now you know you have to look only at the close. 🙂
Wednesday after the close: BPNYA +5.98%, BPCOMPQ +4.36%, BPSPX +7.87%, BPINDU +5.88%, BPOEX +12.00% and BPNDX +0.64%.
Guest11235 mentioned the apex of the triangle this morning. Looks like the SPX closed almost about as dead on as possible right on the apex.
Any thoughts/knowledge/odds/crazy Martian ideas on the significance of that? 😉
Cobra, last night you commented about the bars on the daily Spy. Today it looked even worse with the huge gap , now Stock charts has changed it an added the Phantom low of the day, so technically there is no open gap for today as it is officially recorded as a trade for today.
No, there’s no gap anymore. Stockcharts fixed that. Whether today’s bar means exhaustion, we’ll have to wait for a few days.
The gap is back again.
thx,ding
Cobra, do you keep track of back to back 2500+ advancers and what followed?
No, I just know too many advances means a little bearish biased the next day. Just a little, 55% chances something.
I posted this last week on the 22nd
“this sideways move resembles a W4 of a W5 so I am going to assume it is going set itself up for a final sub-wave down to perhaps 1157 to finalize the correction and start a rally from there.”
The market made it to 1158 on Friday and now we’re almost 10% higher.. but this doesn’t stop here. 1300 is a given at this point, 1400 is within sight by year end per my calculation.