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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

Up 10/2/20

Up 8/21/20

Up 10/9/20

Sub-Intermediate

Up 11/10/20

Up 11/4/20

Up 11/9/20

Short term

? 11/18/20

Up 11/5/20

? 11/18/20


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 5, 2013

Daily update 4/5

The alternating pattern continued today overriding the up Friday pattern.  Well sort of.  The market rallied all day from the open so I guess that was not entirely true.  Here is the daily SPX chart.


The green support line marking the March low and the lower channel trend line came together at the price low this morning.  It is no mystery the bulls came out to support the market.  Volume was elevated again today.  SPX closed the big gap by the end of the day as it rallied above yesterday's low.  Depending on what happens next week that may turn out to be a bad thing.  We will see.  Today's move adds even more significance to the March low of 1538.  If we break that we break the uptrend channel and confirm the double top pattern.  Lets zoom in to the SSO 195 minute chart.


We opened up below the first support line, but rallied back above it today.  SSO has come back up to test its 50 SMA from below.  It also has the trend lines from the triangle pattern to contend with.  The price bars are still red and are not positioned to turn green very easily at the moment.

Nearly every Monday this year has been down.  Will that pattern repeat next week even though we are scheduled for an up day based on the alternating pattern?   I read today that this alternating pattern,  now 13 days, is the longest since 12 days in 1981.   How odd is that?  I don't see anything yet to convince me this pullback is over.  The market still has a bullish bias at this point, but there sure were a lot of signs of a top over the last few weeks.  I think caution is advised and let the bulls prove they are still in control.

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

The market and sector status pages have 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.