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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 (-)

Tuesday, May 7, 2013

Daily update 5/7

The Dow closes above 15000 for the first time.  That should bring out some headlines.  Here is the daily SPX chart.


SPX closed at the upper channel trend line.  Will it react to it?  Does over bought even matter anymore?  Upside progress from here is likely to be slow without a pullback.  Sometimes they crawl up the channel line instead of getting rejected.  Lets zoom in to the SSO 195 minute chart.


So far this break out has not really been tested.  I like to see a close below a prior bar low on this time frame to see how things hold up when there is more then a few minutes of selling.  So far the bulls have not allowed that to happen.  They were actually unafraid to push prices higher today.  However, the rubber band on price is getting pretty stretched now.  Is everybody content to hold or will there be some profit taking?  I guess we will see.

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.