TREND INDICATOR MOMENTUM INDICATOR COMMENT (Click link to see chart) Long-term 3 of 3 are BUY Intermediate 3 of 3 are SELL 6 of 6 are NEUTRAL SPY ST Model is in SELL mode Short-term 1 of 1 are SELL 8 of 9 are NEUTRAL
BULLISH 0.0.6 Nasdaq 100 Index Intermediate-term Trading Signals: *NADNV too high.
1.1.1 NYSE Composite Index Breadth Watch: *NYAD oversold.
6.3.2c Major Distribution Day Watch: *Bottom is close?
BEARISH 2.0.0 Volatility Index (Daily): *Bull Flag confirmed.
0.0.2 SPY Short-term Trading Signals: *Bearish 1-2-3 formation, target 103.85.
SPY SETUP ENTRY DATE STOP LOSS INSTRUCTION: Mechanic signals, back test is HERE, signals are HERE.
TRADING VEHICLE: SSO/SDS, UPRO/SPXU
ST Model *02/04 S *1.9 x ATR(10) *Short intraday. Click BLUE links above for ATR(10) value. Reversal Bar *02/04 S *0.7 x ATR(10) *Short intraday. Click BLUE links above for ATR(10) value. NYMO Sell VIX MA ENV
OTHER ETFs TREND COMMENT – *New update. Click BLUE to see chart if link is not provided. QQQQ 0.0.5 QQQQ Short-term Trading Signals: *Falling Three Methods, bearish continuation 71% time. IWM CHINA Down Double Top or Bearish 1-2-3 Formation? EMERGING *Bearish 1-2-3 Formation, target $36.34. CANADA Double Top, target $15.77. FINANCIALS *Bearish 1-2-3 Formation, target $13.40. Watch $13.72, very bearish if breakdown. REITS *Measured Move, target $41.54. ENERGY *Could be a Double Top in the forming. OIL *Black bar, could pullback. GOLD *Down *Descending Triangle, target $91.08. DOLLAR UP Head and Shoulders Bottom, target $24.28.
3.1.1 US Dollar Index Bullish Fund (UUP 30 min): *RSI too overbought.
INTERMEDIATE-TERM: INITIAL SPX PULLBACK TARGET COULD BE AROUND 1020-1040 AREA
No update, according to chart 4.1.0 S&P 500 Large Cap Index (Weekly), the most likely initial pullback target could be around 1020-1040 area.
SHORT-TERM: LOTS OF DAMAGES BUT THE WORST IS THE MARKET IS NOT OVERSOLD YET
Lots of technical damages were done by today’s sell off:
There’re lots of other damages, see table above. The worst thing is that 0.0.0 Signal Watch and Daily Highlights shows only 1 oversold signal, so at least technically it doesn’t support a multi-days rebound unless the sell off today was an accident.
Of course, bulls have good news too: 6.3.2c Major Distribution Day Watch, when NYDNV:NYUPV > 35, bottom seems not far way. Personally, I’m not sure about this time though as the sell off just started unlike the previous 4 times.
About tomorrow, today’s After Bell Quick Summary should have given enough details. Overall, chances are good we may see a rebound tomorrow. Here’s another reason for calling a rebound: 1.1.1 NYSE Composite Index Breadth Watch, NYAD too low, see green dashed lines, the next were all green.
STOCK SCREENER: For fun only, I may not actually trade the screeners. Since SPY ST Model is in SELL mode, only SHORT candidates are listed. For back test details as well as how to confirm the entry and set stop loss please read HERE. Please make sure you understand the basic risk management HERE.
Today’s screener has 1 stock.
According to the entry rule, the 2 ETFs found yesterday were confirmed.