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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

?+ 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 (-)

Tuesday, November 26, 2013

Daily chart for 11/26

Another mixed day.  There was strength in small caps and tech while SPY was flat.  XLF was weak for a change.  It had been running up for several days.  There was a late day sell off into the close.  Here is the daily SPX chart.


SPX has a gravestone doji on a slight increase in volume.  The bulls showed up early in the day and gave a lift to SPX slightly above yesterday's high.  Will the collapse into the close have any follow through tomorrow?  The daily chart has a little bit of a short term top look to it.  I don't know if it is possible for the market to go down ever again though so we will have to see what develops.  The 18 SMA has risen above the key 1775 level.  That adds extra importance to a break of that level as SPX would  be below that key SMA.  Lets take a peak at the SPY 60 minute chart.


SPY closed below the 18 SMA.  There was quite the volume surge on the sell off into the close.  Climbing back above the 18 SMA tomorrow should be bullish and could continue the up move.  An hourly close below today's low could mean a pullback is starting.  Just keep in mind the 50 SMA might provide support.

The daily chart looks a little iffy and the market is dealing with some round numbers.  It may take a few days to decide what to do.  Do people feel comfortable bidding up prices from here or not?  There were 188 new highs and 58 new lows.  The new lows remain unusually elevated.  It may turn out that is important in hindsight.

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.