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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 (-)

Tuesday, June 5, 2012

Daily update

SPX managed to claw its way back to the daily 200 SMA.  Here is the daily chart.


The volume dropped off again.  Today the market seemed very lethargic.  The bulls did not have much vigor.  It looked more like an absence of sellers.  Here is the SPY 130 min. chart.


We got above that lower trend that I said last night I did not like.  I believe the upper line is a better representation of the down trend.  There is still more room to bounce.  Here is the 30 min. chart.


SPY struggled all afternoon to get above the first hour high.  It managed to close a few cents above it and that was it   Even with the breadth greater then 70% positive the entire afternoon the market just couldn't go.
This looks like a dead cat bounce so far.  The charts are pretty inconclusive on whether this bounce will continue tomorrow or not.  A lot of down trends resume after a two day pause, so watch for that tomorrow. 

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.