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Trend table status






Up 7/31/20

Up 1/29/21

Up 5/29/20


Up 10/2/20

?+ 4/23/20

?+ 4/30/21


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 (-)

Friday, June 8, 2012

Daily update

Quite a week we had.  This may be the first time in history that people got excited that banks need a bailout.  All I heard the last few days is that Europe will bail out the Spanish banks this weekend.  I don't know whether that is going to happen or not, but I am pretty sure the market has priced it in if it does.  If it does not happen, look out below.  There may be a sell the news reaction even if they do.

Lets start out with the daily chart.

I have added a new red line here connecting the highs of the last two weeks.  The market may have trouble with that line next week.  The volume pattern leaves a lot to be desired in the upside conviction department. 
How about a look at the 130 min. SPY chart.

Now that we had a pullback we got something to make a lower trend line to mark this up move.  Until we break that line it is still dip buying time.  Just keep in mind that until we conquer that 5/29 high, the market is vulnerable.  If we end up turning back down from here it could go down pretty fast.  .


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