SHORT-TERM: A LITTLE BEARISH BIASED

The report today is merely a guess, no solid evidences.

As mentioned in the yesterday’s report, the SPY daily chart doesn’t look bad, so temporarily maintain the call for a 2 legged up, while the recent 2 days pullback marked the completion of the 1st leg up. However, I don’t believe today’s up is the beginning of the 2nd leg up, i.e. the pullback started 3 days ago isn’t over yet.

The chart below is the major reason why my guess is the pullback isn’t over yet: Could be a Bear Flag in the forming therefore odds are a little higher it’d continue down eventually.

SPY60min

The question though is, was the Bear Flag completed today? Or shall we see more up tomorrow? My guess is the Bear Flag was over. And here are the reasons:

  • Price overlap, so what we had was just a rebound, not the start of a new up leg. This shall prove the Bear Flag view is reasonable.
  • Could be a 3 Push Up in the forming. The rebound before the close looks like a typical back test of the previous high (before rolling over), a gap down tomorrow, would basically prove my guess.
  • According to the statistics mentioned in today’s Trading Signals, there’re 75% chances a red day tomorrow. The sample size is too small so it’s not a solid evidence but still worth some attentions.

SPY15min

INTERMEDIATE-TERM: WE COULD SEE MULTIPLE WEEKS RALLY, WILL NEED REASSESS SPX 1,000 DOWNSIDE TARGET

For why we could see multiple weeks rally, please see 10/14 Market Outlook for details.

For why SPX downside target at 1,000, please see 08/19 Market Outlook and 09/30 Market Outlook for details. I’m not sure about this call anymore, will need more evidences to reassess.

SUMMARY OF SIGNALS:
TREND MOMENTUM COMMENT
Long-term 2 of 3 SELL
Intermediate 4 of 5 BUY 4 of 5 NEUTRAL Cobra Impulse in BUY mode; Non-Stop in BUY mode.
Short-term DOWN 6 of 6 NEUTRAL
* = New update.

 

 

Chinese Transcript

SHORT-TERM: A LITTLE BEARISH BIASED

今天的报告纯属猜测,没有什么证据。

昨天的报告提到了,SPY daily chart看着不坏,所以大方向暂时还是维持2 leg up的判断,但是我不认为今天是the 2nd leg up的开始,换句话说就是我猜pullback还没有结束。

下面的图是我猜pullback还没有结束的主要理由:看着像是Bear Flag,因此continue down的可能性大一点点儿。

SPY60min

问题是,这个Bear Flag今天是否结束了?还是说明天more up?我的猜测是这个Bear Flag已经结束了,下面的图是理由:

  • Price overlap,所以这仅仅是反弹,不是新一轮上升波的开始。这个应该证明关于Bear Flag的猜测的合理性。
  • 可能是3 Push Up,收盘前的反弹是反转前典型的测试前高的动作,明天如果直接Gap down的话,基本就能证明我的猜测了。
  • 根据今天的Trading Signals的统计,明天有75%的机会收红,虽然样品太少,可能不是很有力的证据,但好歹也算是个理由吧。

SPY15min

INTERMEDIATE-TERM: WE COULD SEE MULTIPLE WEEKS RALLY, WILL NEED REASSESS SPX 1,000 DOWNSIDE TARGET

For why we could see multiple weeks rally, please see 10/14 Market Outlook for details.

For why SPX downside target at 1,000, please see 08/19 Market Outlook and 09/30 Market Outlook for details. I’m not sure about this call anymore, will need more evidences to reassess.

SUMMARY OF SIGNALS:
TREND MOMENTUM COMMENT
Long-term 2 of 3 SELL
Intermediate 4 of 5 BUY 4 of 5 NEUTRAL Cobra Impulse in BUY mode; Non-Stop in BUY mode.
Short-term DOWN 6 of 6 NEUTRAL
* = New update.