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

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 (-)

Thursday, August 8, 2013

Daily update 8/8

Lazy rally.  Here is the daily SPX chart.


SPX bounced off the 18 SMA, but did not manage to close above the 6 SMA.  Breadth was 61% positive which is not very exciting after a three day pullback.  New highs were 145 versus 83 new lows.  Bulls would have liked to have seen new lows drop below 50.  The futures gapped up and promptly sold off only to rally again mid day.  At the end of the day they were lower then the open.  That made a hanging man candle on SPY.  That should be bearish of we break today's low.  Here is the SPY 60 minute chart.


SPY actually closed above the 50 SMA for three bars today.  However, it never closed above the first bar's high to confirm an upside break of the MA.  The last candle sold off back below it.  That leaves us in the middle of nowhere for tomorrow.  Today was not strong enough to say it was a rally kick off.  Even though SPY closed back below the 50 SMA it still needs confirmation that a down move is resuming.  A break of today's high should test the all time high.  A break of today's low probably targets the daily 50 SMA.

Bob



No comments:

Important

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