Back to www.cobrasmarketview.com

10/09/2021 Weekend Update

Post Reply
User avatar
Cobra
Site Admin
Posts: 58333
Joined: Sat Feb 12, 2011 10:29 pm

10/09/2021 Weekend Update

Post by Cobra »

Up 1 week, the next week has 76% chances to make a higher high so the rebound isn't over yet?
4.png

Like to read more of my commentaries? Please subscribe my Daily Market Report.
Subscribers can find all the members only posts HERE.
StockCharts members, please vote for me HERE, thanks.
User avatar
JFR
Posts: 10120
Joined: Sun Dec 02, 2012 7:24 pm

Re: 10/09/2021 Weekend Update

Post by JFR »

SPY daily. Moved up a level from EMA 100 to EMA 50 and 20. Nothing settled yet. Bulls and bears fully engaged. This is the most precarious time for the market in the last year.

Screenshot_20211009_025009.jpg
Charts posted are not recommendations. They are just a sharing of information.
User avatar
Cobra
Site Admin
Posts: 58333
Joined: Sat Feb 12, 2011 10:29 pm

Re: 10/09/2021 Weekend Update

Post by Cobra »

$AAII Bull - $AAII Bear is low but not extreme enough to signal a bottom.
Attachments
2.png

Like to read more of my commentaries? Please subscribe my Daily Market Report.
Subscribers can find all the members only posts HERE.
StockCharts members, please vote for me HERE, thanks.
User avatar
BullBear52x
Posts: 29511
Joined: Tue Feb 22, 2011 3:47 pm

Re: 10/09/2021 Weekend Update

Post by BullBear52x »

From "It is what it is Department" It is critical time and indecision junction.. Recall last year Sep-Oct. period to today's. the similarities: 1. a mild correction 2. $UST10Y up 3. Yield curve 2y over 5y 4. Vix is up from the lows. not good looking for future economy, but look at the out comes of " The Fed is behind you" not bad at all, a whooping 27% gain to recent high from then. if you think USA is going down think again :lol:
1.PNG
Look at SPY daily chart it is clear that %B is under 50 but it managed to consolidate and breakout to new highs eventually. from this chart alone, it is simple to see a higher trade into next week bulls are not done. I am leaning bearish but if we trade higher I will have to give the bulls the benefit of a doubt.
2.PNG
================================================================


Lets see what our "it is what it is Department" got to say?
Short term momentum is bullish bias. an attempt to breakup out of upper wedge is clear, bulls tried that move weeks ago,failed badly and now they are trying again, will it or will it not? remain to be seen.
3.PNG
And now for the trade....this may answer some of our new day trader who is interest of how I plan my trade. 1. daily trend is down HL and LL is clear 2. I use 390 MA on 5 min (390MA in 5 min. + 5MA in a daily equivalent) to see a change in trend. it is up right now, so trend change from down to up is in the work. 3. Intraday price action, as of Friday, it is in a negative price action, next day projection is down.

Plan the trade: no new HH the main trend is still down, new HH will confirm a trend change. (this is trend following method)
4.PNG
Intraday: Price action is negative, down trend is expected to be lower, rips will be sold (RSI14 >70, trigger sell when RSI14<70) keep it simple, stop is right above it, R/R is 1 to infinity :lol: another note is inside day, Harami in nature, here I use fib level to gauge bullish > 61.8% bearish <38.2%. if you lose money next week it's you fault :D Peace!
5.PNG
My comments are for entertainment/educational purpose only. NOT a trade advice.
Post Reply