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Trend table status

Trend

SP-500

R2000

COMPX

Primary

Up 7/31/20

?- 3/31/20

Up 5/29/20

Intermediate

?+ 9/25/20

Up 8/21/20

?+ 9/18/20

Sub-Intermediate

?- 9/15/20

Dn 9/11/20

Dn 9/21/20

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 (-)

Thursday, December 20, 2012

GLD and GDX

Lets see how these ETFs are doing.  First up is the GLD daily chart.


GLD is testing the Nov. low and its 200 SMA.  There was a very high volume bar yesterday that was also blue.  That means it closed below the lower Bollinger band making price extended.  Was that some kind of capitulation event yesterday?  There is a double bottom pattern here, but it is certainly not textbook.  The retest is supposed to have lighter volume, not the heaviest volume bar of the entire move down.  It could still work out though.  This looks like a point to watch for support to come in.

Here is the daily GDX chart.


GDX is testing support again for a third time.  Unlike GLD the volume has dropped on each retest.  There isn't any real sign of accumulation though.  The only big volume up bar was the day of the FED meeting with more QE and that failed right away.

Both these ETFs are at potential support, but neither one is clearly making a bottom that I can see.  They are both in position to watch.  I would really like to see some kind of reversal pattern to the upside here and soon.  Break downs in these charts have some room to run should that be the outcome.

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.