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

?+ 4/23/20

?+ 4/30/21

Sub-Intermediate

Up 3/29/21

? 4/5/21

?- 5/10/21

Short term

Up 4/1/21

Dn 5/10/21

Dn 5/4/21


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 (-)

Monday, September 30, 2013

Daily update 9/30

SPX tested its 50 DMA today.  Here is the daily chart.


The day started with a big gap down, but the dip buyers rushed right in again.  However, the market found its high mid day and started drifting down a bit in the afternoon.  At the end of the day SPX closed above the 50.  Will the bulls come out and support the market here?  Here is a look at the Russell2000 index.


Unlike SPX this index is still right near its highs.  Whatever is causing the pullback in SPX it is not a general fear thing.  If that were the case this index would be much lower.  I am suspicious it has to do with the upcoming earnings season. 

Here is the current breadth chart.


Both breadth indicators had negative crossovers today.  The third panel in the chart above is the 10 DMA of the advancing and declining volume.  I usually don't talk about this because most of the time they cross with or slightly after the breadth lines.  However, in this instance they actually crossed four days ago.  That is an indication that there has been significantly more volume in declining stocks then advancing stocks lately.  There is definitely some distribution going on in the market. 

The daily chart is pretty steeply down on SPX.  The market has some work to do to get fully bullish again.  At this point I think the bulls need to get back above the hourly 50 SMA on SSO to get control back.  Any bounce that fails to do that will likely end up at new lows.

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

Bob

No comments:

Important

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