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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, November 6, 2012

Daily update 11/6

I guess they saved the election rally all for one day.  Lets start with the SPX daily chart as usual.


SPX closed just below its 18 SMA.  The volume was a bit heavier then yesterday, but still on the light side.  The bears showed up a little bit late in the day.  This is where the rubber meats the road here.  Will the bears show up again tomorrow?  Lets zoom in to the 130 minute SPY chart.


The volume pattern is still clearly bearish with red volume bars dominant.  This looks more like working off an oversold condition rather then starting a new leg up.  I think this is likely to roll over and head down again. If it does, we should test down into the 1395-1400 key support area on SPX.  For the bulls to get control back, SPX must get above its 50 SMA (1435) and demonstrate the ability to stay there.

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.