If you would like an email sent to you when I update the blog please send an email with "subscribe" in the subject line to traderbob58@gmail.com. To be removed use "unsubscribe".

Search This Blog or Web

Trend table status

Trend

SP-500

R2000

COMPX

Primary

Up 7/31/20

?- 3/31/20

Up 5/29/20

Intermediate

Up 8/14/20

Up 8/21/20

?+ 9/18/20

Sub-Intermediate

?- 9/15/20

Dn 9/11/20

?- 9/14/20

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, March 6, 2013

Daily update 3/6

Did everybody get there fill of the media coverage of the Dow making a new all time high?  Today was pretty much a quiet consolidation day.  Here is the daily SPX chart.


SPX still has a blue bar indicating it is outside the upper Bollinger band and is extended.  The futures opened above yesterday's high, but quickly sold off.  They made a slight new high at 10:00 and sold off again.  They rallied above yesterday's high again in the afternoon and again sold off.  That was three different times the market tried to follow through from yesterday, but failed to get it done.  Buyers were a little shy to push price today.  The all important COMPX closed slightly red on the day.  Today did not confirm yesterday's break out.  Lets zoom in to the SPY 195 minute chart.


Volume diminished today considerably.  That last bar today had extremely low volume.  The last three bars have closes in relative proximity to each other.  Not much going on there.  After SPY climbed back into the price channel in Jan. it went back and tested that lower trend line before continuing the rally.  I would like to see some kind of test like that or some significant upside follow through that would confirm the break out.  With the expanded volatility pattern I would interpret a drop back below the lower channel line as a pretty bearish event.

Today did not tell us much.  Will the break out follow through or fall back to earth?  Stay tuned.

Chart practice has been updated with WYNN the stock today.
http://traderbob58-chart-practice.blogspot.com/

Bob

No comments:

Important

The information in this blog is provided for educational purposes only and is not to be construed as investment advice.