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 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 (-)

Wednesday, July 3, 2013

Daily update 7/3

At least we got something besides a doji bar today.  Here is the daily SPX chart.


SPX closed right at the 18 SMA.  Despite the slight positive close breadth was still 61% negative. This leaves the breadth indicators still deteriorating.  The pattern of buyers in the morning repeated.  Since the market closed early the bears did not really get their usual turn.  Both Asia and Europe were very red today and they will be open tomorrow.  Hard to say what will happen by the time we open on Friday.  Here is a look at the SSO 60 minute chart.



Yet again SSO was above the red line, but failed to close there.  There is a potential head and shoulders top pattern forming.  Will it break the neckline or will the bulls save the day?  A break down should mean a test of the 6/24 low and possibly a trip to the 200 SMA.  A break out over the head should mean SPX will test 1650 and possibly a new all time high.  Until we do one or the other I guess it is buy dips and sell rallies intraday.  Maybe the employment data on Friday will shake us loose from the trading range.

Bob

No comments:

Important

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