Looks like a consolidation day at resistance. Here is the daily SPX chart.
No gap up today. How odd was that, LOL. There was a little profit taking mid morning, but nothing much. The pop after the FED meeting minutes were released was sold into. However, after a brief dip the bulls showed up again. This kind of narrow range day at resistance sometimes turns into a top, but I don't see anything at the moment that indicates that. I think it would take a news event for that to happen. All these gaps up are making people chase the market and there is probably not all that many people sitting on a lot of profits here. Without a sell catalyst a retest of the May high seems likely after yesterday's strong thrust. Should we get there then I will have to evaluate the internals. In the mean time the SPY hourly 50 is my bull/bear pivot point.
Chart practice has been updated with LULU the stock tonight.
http://traderbob58-chart-practice.blogspot.com/
Bob
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 | ? 1/4/21 | ? 1/4/21 | ?+ 1/4/21 |
Short term | ? 12/11/20 | ? 1/4/21 | Up 11/24/20 |
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 (-)

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