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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 (-)

Monday, March 25, 2013

Daily update 3/25

Another day in the opposite direction of the day before.  Was that some kind of reversal day?  Here is the SPX daily chart.


SPX touched the upper red trend line again, but failed to get above it.  Volume increased today.  There is obvious distribution in the volume pattern now.  However, price is still holding above the 18 SMA.  Lets zoom in to the SSO 195 minute chart.


SSO gapped up above the red resistance line, but sold off fairly hard.  Then it found support at the green support line and rallied fairly strongly.  It ended the day pretty near the middle of the range between the lines.  It is looking like my support and resistance lines are in good places.  Watch for the break out.  It should be significant whichever way she goes.  Check out the breadth chart.


Both the 10 DMA and McClellan oscillator are negative tonight.  On a day when SPX hits a new bull market high that is extremely odd.  This would make a very pretty double top if it heads down from here. 

Will the market continue its every day in the opposite direction pattern or is it time to follow through on the down side?  I don't know, but I will be watching my resistance and support lines on the 195 minute chart.  It is bound to break out of the box at some point soon.


Chart practice has been updated with EXPE 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.