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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, April 26, 2013

Daily update 4/26

Last night I showed the similarities to the same time last year.  Curiously the day after the retest reversal was a hanging man just like today.  Here is the daily chart.


It seems hard to believe things would work out the same way as last year, but it is eery how close things look to then.  Not much new information here.  The trend bias is still up.  Lets zoom in to the SSO 195 minute chart.


SSO broke the uptrend line of the recent rally this morning.  It tested it from underneath in the afternoon, and failed to get back above it.  That should mean that up move is over and we are in sideways mode waiting to see if we get a down side reversal or upside continuation.  The Nova/Ursa ratio had an interesting day yesterday.  Check out this chart.



Source

Yesterday it spiked up to the stratosphere.  It has only been up there five other times in the last year.  This kind of stuff cracks me up.  What possessed people to get wildly bullish yesterday?  Was it all the bad economic news out of Europe that has people believing the ECB will do something?  If you look at the chart some of the spikes up were followed very quickly with moves back below zero suggesting a pullback occurred.  Other instances were followed by a number of positive readings suggesting an initial upthrust followed by more upside.  It is pretty hard to get the exact dates of the spikes on this chart.  We have had a shot of bullishness in breadth and in the Nova/Ursa ratio.  Will it power the market higher or provide food for bears in a pullback? 

With today being a hanging man after yesterday's reversal a close below today's low could usher in some selling.   I don't know what happens on the upside.  There has been resistance above SPX 1595.  Will it still be there if we test up there again?

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

The market status and sector status pages have also been updated.

Have a great weekend all,
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.