Cobra's Market View

SPY hasn't touched its weekly ema20 for 51 weeks, this is a new record. the previous record was 47 weeks. I think it has good chances to make another new record the next week.

It tells me 2 things:

• Usually after a long time no touch, the very first touch would be bought as people finally can buy at 20 week average price. So bulls should have no worry for now.

• No one can have no touch of moving average forever, so SPY should owe us a pullback.

Statistics about SPY up 8 weeks in a row.

No stock picks for the next week, here's the latest strong stocks count:
viewtopic.php?f=10&t=2668

IWM daily
“Shark” pattern: A three-bar pattern, with two contiguous inside days. Since it is a continuation pattern [60%], expect the breakout to be in the same direction as the inbound price trend. “Wait for price to either close above the top or below the bottom of the pattern before taking a position.”
http://thepatternsite.com/Shark32.html

Source: Urban Carmel‏ @ukarlewitz SJD10304‏ @SJD10304 Nov 3, 2017
8 week winning streaks for #SPX since 1970.
Within the next 4 wks, 9 of 10 closed higher, i.e., momentum.
But within the next 2 wks, 9 of 10 closed lower; trend wants to take a break