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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 (-)

Friday, February 15, 2013

Daily update 2/15

The dip buyers were sure busy this week buying every tiny little move down in SPX.  However, at the end of the week they only had a gain of less then 2 points for their efforts.  The Dow tested 14000 again today, but failed to hold it.  Here is the daily SPX chart.


We had another hanging man candle today.  SPX tested the high from Wed., but was rejected.  The potential double top is still in play.  We have had somewhat bearish daily candles all week after last weeks bearish hanging man weekly candle.  We also had only an eleven point range from low to high for the entire week.  That is probably the smallest weekly range this entire bull market, but I don't know for sure.  Frankly, I am going to be pretty shocked if this market does not head down next week.  Here is the current breadth chart.


The McClellan oscillator is negative and has been very close to zero for many days now.  I know the market went up last year in late Feb. and March in this condition, but I think that was on the back of AAPL.  SPX never did anything like that before in the last 30 years.  AAPL is not exactly setting the world on fire this year.  This is an extremely weak breadth pattern.  If the market does head down it can do so pretty fast.  Especially with all the dip buyers having already piled in.  They have been really over eager the last few weeks.  I still think the exit will get crowded.


Chart practice has been updated with CRM the stock today.
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.