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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 (-)

Wednesday, May 8, 2013

Daily update 5/8

A little higher yet.  Here is the daily SPX chart.


SPX closed above the upper channel line slightly tonight.  Will it be able to stay there?  Needless to say people buying here are pushing their luck.  Price is really extended.  The number of NYSE stocks above their 50 DMA is now up to almost 80%.  That is getting into the longer term over bought area. 

Even though the volume is not real high, intraday price action looks like panic buying.  Every little dip is bought right away.  No time to waste.  The bulls seem over eager to me.  I guess we will see how it works out for them.  It reminds me of the old movie saying, "bulls make money, bears make money, and pigs get slaughtered".  This chart is starting to look a little piggish.

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

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.