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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 (-)

Wednesday, February 20, 2013

Metals heading lower?

The industrial metals took a tumble yesterday while stocks celebrated.  Here are the charts for copper (JJC), the industrial metals (JJM), and steel (SLX).


These important metals charts are all below the early Jan. highs.  Today's break down in JJC would seem to indicate the global economy is not doing very well.  Here is the basic materials ETF IYM.



IYM has a potential head and shoulder top pattern forming.  Judging from the metals charts above I think the odds of a break down in IYM are pretty good.  Lets take a look at the BRIC ETF EEB while we are at it.


The BRIC markets seem to be leading the metals lower.  EEB has already broken below its 50 SMA.  There has been a lot of optimism on the U.S. and global economy in the media this year.  However, there seems to be no confirmation of that so far.  The European economic data has been terrible and the industrial metals charts to be heading lower.  The question is if/when will it matter to the U.S. stock market.

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.