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Trend table status

Trend

SP-500

R2000

COMPX

Primary

Up 7/31/20

Up 1/29/21

Up 5/29/20

Intermediate

Up 10/2/20

?+ 4/23/20

?+ 4/30/21

Sub-Intermediate

Up 3/29/21

? 4/5/21

?- 5/10/21

Short term

Up 4/1/21

Dn 5/10/21

Dn 5/4/21


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 (-)

Wednesday, May 30, 2012

Daily update

Another rally attempt thwarted.  This bounce has really had trouble every day but one since the low.  Here is the daily SPX chart.


Reversing at the 18 SMA is a strong negative for the market.  We also had an increase in volume over yesterday, another negative.  Since yesterday was the day after a holiday it makes the comparison somewhat tricky though.  This rally attempt is in critical condition and on life support.  Here is the 130 min. chart.


The break out above the upper trend line failed.  Yet another negative sign.  The lower trend line is providing the life support.  A break of today's low should set up a test of the 5/18 low.  We did not get enough strength in the bounce to give me any confidence that low will hold on a retest.  There is still a chance that lower trend line holds if we get some good news tomorrow, but that seems like a lower odds scenario.

Bob

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