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

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 (-)

Tuesday, April 9, 2013

Daily update 4/9

I am shocked.  I lived long enough to see the market go two days in a row in the same direction.  SPX made another attempt at the all time intraday high and got within 3 points for a second time.   However, it fizzled out.  Here is the daily SPX chart.


Volume increased over yesterday, but SPX still could not break into new highs.  It tested the 4/2 high, but closed a bit lower then it did that day.  Will it crack it tomorrow or get turned back again?  Lets zoom in to the SSO 195 minute chart.


I have added a red resistance line at the highs.  The possible head and shoulder pattern is now a possible double top.  Not much new information here.  Will we break out to the upside or not? 

The negative divergences look more pronounced then at the 4/2 high.  There were 209 new highs today while we had 270 on 4/2.  A number of indexes are considerably weaker then they were on 4/2.  I don't see any sign we are building up a head of steam to break out.  It looks more like the market is weakening internally.  I guess we will see what happens.

Bespoke did some charts showing how breadth of defensive sectors is much stronger then cyclical.  There are quite a few charts in the article you can peruse here.

Bob

No comments:

Important

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