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Trend table status






Up 7/31/20

Up 1/29/21

Up 5/29/20


Up 10/2/20

Up 8/21/20

? 3/26/21


Up 3/29/21

?- 4/5/21

? 4/1/21

Short term

Up 4/1/21

Up 4/5/21

Up 4/1/21

Don Worden of Worden Brothers (makers of Telechart software) used to keep a trend table before his health issues got in the way. I always found it useful. Mine is slightly different. Hopefully helpful. Up? or Dn? means loss of momentum. ? by itself means trend is neutral. ?+ or ?- means trend is neutral with bias of up(+) or down (-)

Monday, May 7, 2012

Consolidation day

I showed the 130 min chart on Friday with blue bars and said "This makes price very extended.  So we are at key support in a stretched condition.  Outside of bad news, I would expect the market to consolidate or bounce from here."  We got the consolidation day today.  Check out the chart now.

SPX ended the day +.48.  It got above the key 1370 level for a while today, but failed to close up there.  This is one of those situations where we are still oversold enough we could bounce, but we are in a strong enough down move that we could continue without a bounce.  The low of the last bar is 1368 and the high is 1374.  If we get outside that price range tomorrow I think there is pretty good odds of some continuation.   Until we break the April low the market can still recover.  However, I think it needs to get going very soon or it will be too late.


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The information in this blog is provided for educational purposes only and is not to be construed as investment advice.