SHORT-TERM: COULD SEE SOME WEAKNESS AHEAD
Nothing to say today, so I’ll skip today’s After Bell Quick Summary. The SPY intraday chart looks like a bearish Rising Wedge in the forming (also there’s a smaller Rising Wedge inside a bigger one), so we may see some weakness ahead. The overall trend is of course, up and as mentioned in 02/11 Market Recap, this week holds the key, so let’s wait and see.
The Smart/Dumb Money Confidence spread is again at an extreme level, especially the Smart Money Confidence which is now at the lowest lever since year 2007. Simply judging by the past patterns however, such an extreme was not necessarily bearish though as it may take some time to drag down the overall market, so again, we’ll have to wait and see.
INTERMEDIATE-TERM: WHETHER THIS IS PRIMARY 3 OF 3 TO GALAXY FAR FAR AWAY WE MAY KNOW THIS WEEK
See 02/04 Market Recap for more details.
SEASONALITY: BEARISH MONDAY AND FRIDAY
See 02/11 Market Recap for more details.
HIGHLIGHTS OF THE OTHER ETFS IN MY PUBLIC CHART LIST
|NDX Weekly||UP||BPNDX is way too overbought. Too far above MA(200).|
|XIU.TO||02/04 L||TOADV MA(10) is a little too high, all led to a pullback of some kind recently.|
|FXE||Watch for possible 1-2-3 trend change to down from up.|
|XLE Weekly||UP||Too far above MA(200).|
|XLF Weekly||UP||Testing resistance which also is multiple Fib confluences area.|
|XLB Weekly||UP||BPMATE is way too overbought.|
- Please make sure you understand how to use the table above. The purpose of this report is to provide info so contradictory signals are always presented.
- Conclusions can be confirmed endlessly, but trading wise, you have to take actions at certain risk level as soon as you feel the confirmation is enough. There’s no way for me to adapt to different risk levels therefore no trading signals will be given in this report except the mechanical signals such as SPY ST Model.
- * = New update; Blue Text = Link to a chart in my public chart list.
- Trading signals in OTHER ETFs table are mechanical signals. See HERE for back test results. 08/31 L, for example, means Long on 08/31.
- UP = Intermediate-term uptrend. Set when I see at least one higher high and higher low on daily chart.
- DOWN = Intermediate-term downtrend. Set when I see at least one lower high and lower low on daily chart.