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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 (-)

Thursday, August 30, 2012

Daily update 8/30

Turning down?  Here is the daily SPX chart.


SPX closed below the 18 SMA today.  We need another close below today's low to confirm a break of the MA.  SPX tested the 8/24 low and held for now.  I don't expect that will stand the test of time.  The dip buyers came out just after the open like they have been doing all week. However, this time they ran into sellers that took the market to new lows.  The mid day bounce tested the morning high, but ran into a fresh batch of sellers there and closed poorly.  I think the recent economic data was not good enough to buy stocks on, but good enough to dash some hopes of a new QE announcement tomorrow.  Lets zoom in to the 195 minute SPY chart.


I have added some support lines now that a down move looks likely.  The first one is the 8/24 low that we tested this morning and bounced from.  The other two lines are from prior peaks in early July and late July.  The daily 50 SMA should also be watched for support.  Lets zoom in a little more to the 60 minute chart.


I have put in a possible down trend channel.  We will have to see if price reacts to the lines in the future.  I don't know if we are going to try to fill this morning's gap or not in the near term.  I think if we break the first green support line a gap fill will have to wait a while.

This looks like volatility is coming back into to the market.  I think it is time to get strapped in and be ready to take advantage of some good trading opportunities that are likely to come along over the next few months. Now that Europe got their vacation in, I suspect the infighting will return.  That could provide some bigger moves in the markets.  Hopefully I will have more interesting stuff to write about.  These daily updates lately have been boring me to death.  The excitement of today was SPX closed 1 point higher, LOL.

The chart practice site has been updated with an annotated chart of INTC if interested.
http://traderbob58-chart-practice.blogspot.com/

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.