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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, October 2, 2012

Daily update 10/2

They gapped it up again, but no bulls came to the party.  It seems the dip buyers are having trouble finding rally chasers.  The short term trend has changed to neutral tonight.  Here is the daily SPX chart.


Another attempt to get above the 18 SMA failed.  How many more gap ups are they going to get?  Lets zoom in to the 60 minute SSO chart.


The bears smacked the gap up right out of the gate.  This pushed the market down to the main support line.  That line was tested and tested through the afternoon before a late day lift into the close.  Notice that rally stopped right at the down trend line.  Clearly we are running out of room between the lines and a decision on which one to break is going to happen tomorrow.  I would think a decent move will result.

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.