If you would like an email sent to you when I update the blog please send an email with "subscribe" in the subject line to traderbob58@gmail.com. To be removed use "unsubscribe".

Search This Blog or Web

Trend table status

Trend

SP-500

R2000

COMPX

Primary

Up 7/31/20

?- 3/31/20

Up 5/29/20

Intermediate

Up 8/14/20

Up 8/21/20

?+ 9/18/20

Sub-Intermediate

?- 9/15/20

Dn 9/11/20

?- 9/14/20

Short term

? 9/4/20

? 8/18/20

? 9/4/20


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, July 24, 2012

Daily update 7/24

Another day below the triangle lower trend line.  Here is the daily SPX chart.


Price held above the 50 SMA today.  They managed to get a close above yesterday's low to keep the bulls hopes alive.  We are below the lower rail of the regression channel which makes price a little over sold.  However, both breadth charts have negative crossovers so we have a different situation then the last two pullbacks.  Bounces when they happen will likely be short lived.  Here is the 130 minute SPY chart.


The first support line held today and bounced off it into the close.  I have add a new line at the last swing low from 7/12.  There could be a lot of stops under that low.  If we break it, the market could accelerate down.  I did not make the line green because I just can't see all that much support there in the chart really.  If we test that line we may bounce intraday, but I don't have any confidence it will hold for long.  We still don't have very good price action to draw an upper trend line so the 60 minute 50 SMA is still likely a good bull/bear line. 

The price action since the June low looks like a correction to the move down in Apr. and May to me.  It is possible we are starting a new leg down that will end up breaking the June low and keep going.  I will be watching the initial jobless claims closely now.  If they start kicking up over 400k the market might react very negatively to that. 

Bob

No comments:

Important

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