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Trend table status

Trend

SP-500

R2000

COMPX

Primary

Up 7/31/20

Up 1/29/21

Up 5/29/20

Intermediate

Up 10/2/20

Up 8/21/20

? 3/26/21

Sub-Intermediate

Up 3/29/21

?- 4/5/21

? 4/1/21

Short term

Up 4/1/21

Up 4/5/21

Up 4/1/21


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, July 30, 2013

Daily update 7/30

Another ho hum day as the market awaits the FED meeting tomorrow.  Clearly earnings are not enough to push the market higher.  It needs another catalyst.  Will the FED provide it or talk about taking away the punch bowl?  There are still a of lot people that believe the FED will start to taper in Sept.  If that is the case they will be sending a signal before then.  Here is the daily SPX chart.


Today was a very narrow range day with the close near the middle of the price range.  The volume increased significantly over yesterday.  Was that caused by people selling into the gap up this morning?  Here is the SPY 60 minute chart.


SPY gapped up over the 50 SMA this morning, but again failed to stay there.  Rally chasers are still absent.  I am sure that is because of the FED meeting this week and a worry of taper coming soon to a FED near you.  It looks like price is forming a slightly upward sloping price channel.  A break of either of those trend lines could see some follow through.  I suspect that will happen tomorrow after the FED announcement.

SPX has closed inside the range of the key reversal day four days in a row.  This market is wound up for a big move now.  The extreme overbought condition has been mitigated considerably.  Now we just need a catalyst to spur people into action.

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.