Live Update

Tuesday, March 31, 2009

03/31/2009 Market Recap: N vs N Rule

Not much to say today, check the chart below, hopefully according to “n vs n rule” the market could give us a clear direction tomorrow.

NvsN

1.0.3 S&P 500 SPDRs (SPY 30 min), STO has just dropped from the overbought area, plus it’s the first time for the FAST MACD (black curve) to give buy signal which is most likely a whipsaw, therefore today could be just a rebound from the yesterday’s oversold condition, the market may drop again tomorrow.

SPY30min

1.1.6 PowerShares QQQ Trust (QQQQ 15 min), ChiOsc is way too low, so QQQQ might rebound tomorrow morning. 1.0.4 S&P 500 SPDRs (SPY 15 min) and 1.3.3 Russell 2000 iShares (IWM 15 min) both have the similar problem with ChiOsc, just they are not very extreme.

QQQQ15min

Posted by Cobra at 11:36 PM

6 comments:

  1. AnonymousMarch 31, 2009 at 11:44 PM

    Hi Cobra,

    Too many people on TV and blogs are predicting that we pullback to around 740-750 and then begin the uptrend. Do you think it is unlikely just because the consensus feels that way ?
    Thanks.

    ReplyDelete
  2. CobraApril 1, 2009 at 12:23 AM

    If 766 is broken tomorrow, then I don't think 740-750 will hold.

    ReplyDelete
  3. AnonymousApril 1, 2009 at 12:47 AM

    Dear Cobra,

    I am just a small investor but one that has lost a lot of money from my hard work in the stock market.

    I almost give up but I found your blog oneday and my confidence came back. I read both your reports here and in the other chinese site everyday.I cannot understand all your charts but I learned through all your wise advice.

    I just want to say thank you.

    ReplyDelete
  4. SchweizerApril 1, 2009 at 4:48 AM

    Great work. More thorough than most out there. I'm not so sure the support at 750 is all that strong. People want to think it is, but the rally up was mostly short covering and not conviction buying. If the H/S at 780 busts, which measures to the 720s, then 666 is the level of support to watch.

    The daily charts are all rolling over suggesting there will be a pretty lengthy and likely deep pullback, not just a day trip to 750 for a bump and go. imo.

    ReplyDelete
  5. markApril 1, 2009 at 10:41 AM

    Cobra,
    I would like to suggest that you be a little more specific with your levels on the 4 by 4 chart. The boxes with arrows are a little vague for me and could be remedied by simply substituting the number instead of using "here". Thanks.

    ReplyDelete
  6. CobraApril 1, 2009 at 12:53 PM

    Mark, check 7.1.0, it should be clear now.

    ReplyDelete

Subscribe to: Post Comments (Atom)

Disclaimer

The information contained on this website and from any communication related to the author’s blog and chartbook is for information purposes only. The chart analysis and the market recap do not hold out as providing any financial, legal, investment, or other advice. In addition, no suggestion or advice is offered regarding the nature, profitability, suitability, sustainability of any particular trading practice or investment strategy. The materials on this website do not constitute offer or advice and you should not rely on the information here to make or refrain from making any decision or take or refrain from taking any action. It is up to the visitors to make their own decisions, or to consult with a registered professional financial advisor.

This websites provides third-party websites for your convenience but the author does not endorse, approve, or certify the information on other websites, nor does the author take responsibility for a part or all materials on the third-party websites which are not maintained by the author.