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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

Up 8/21/20

? 3/26/21

Sub-Intermediate

Up 3/29/21

?- 4/5/21

? 4/1/21

Short term

Up 4/1/21

Up 4/5/21

Up 4/1/21


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, October 16, 2012

Daily update 10/16

Both the short term and sub intermediate trends have been changed to neutral/bearish  This means the trends are still negative, but price is above key levels making them neutral.  This also means that it would not take much downside to be fully bearish with both trends again.  Here is the SPX daily chart.


SPX closed back above the 18 SMA today.  Notice that the 6 is below the 18 and the 18 is sloped down.  The bulls still have to prove they can keep price above the 18 long enough for it to turn back up.  Lets zoom in to the 60 minute SSO chart.


SSO spent the afternoon struggling with the resistance line.  It gapped up over the prior minor high to get the shorts covering.  It remains to be seen if we can continue up or not.  Both IBM and INTC had negative reactions to their earnings reports after the close.  If people still feel that way in the morning, the futures should be down some.  Earnings may cause some volatility over the next couple of weeks.

Despite the two day rally the charts are not bullish yet.  The market has more work to do to get into a fully bullish position.  If the market rolls over before that happens from this technical position, we will break the last swing low.

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.