Cobra's Market View

Dow has a lower low, suggesting more sell ahead.

Cobra wrote:

shumushu wrote:I don't think today's breadth suggests a strong sell-off. I think we are just gonna chop arounld.

agree.

I think it is due to Obama has a speech and EUR will release bank pressure test.

NDD wrote:Who is holding this market up despite negative figures dropping from all around the world... due to OE ??

Is that bullish? Dn from 1.43 to 1.5?

KENA wrote:Trin is at 1.43 when it gets dn to 1.50 the fun will start. Lets see.

Blah anyway

TOS doesn't adjust spy dividend, can hardly do a Fibo analysis

BullBear52x wrote:Breaking up here be careful Bears. I don't think it will, GL to all.

Was the chart wrongly placed? I cann't see anything except the spx daily chart. Thank you! Another chart I'd like to show you guys in regard to the next few days or weeks. It shows that shorting the bounces is the only strategy at the moment. http://stockcharts.com/h-sc/ui?s=$SPX&p=M&yr=20&a...

If I remember correctly, a short term bounce back doesn't need spy forming RSI PD, let alone ES already formed one. Well, here comes the retest. My instinct yesterday was right. Now we shall hope that we do have a lower low this time so the RSI positive divergence could thus form and therefore a pot...

Finally it is about 0.5pt shy off 20D EMA, that might be sign of further weakness

uempel wrote:They don't want the market to close beneath the 20 DMA, now at 14.51...