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 (-)

Wednesday, November 6, 2013

Daily update 11/6

Retest of key reversal day high with a mixed market.  Here is the daily SPX chart.


Leading the charge on the upside were utilities and consumer staples.  The weaker sectors were the QQQ, IWM and IYT.  This was clearly a move from more risky assets to defensive issues.  The futures ended the day right near where they started yet again on a gap up.  That indicates that rally chasers are missing in action.  Check out the SPY 15 minute chart.


SPY broke above the red line (.786 retrace line) and immediately popped up to test the key reversal day high.  You had to be really fast to catch that one, LOL.  At that retest the sellers stepped in and knocked it back down.  The rest of the day was a stalemate.

The breadth started out the day strong but ended barely positive.  There were 166 new highs which is  better then the last few days, but still well below 200.   Both breadth indicators are still negative.  Here is a look at the number of stocks above their 200 DMAs.


The pullback in May really whacked this chart.  Despite the higher highs over the last few months it has never recovered.  It is now diverging from price over the last few days.  Yesterday was quite a whack that was only partially recovered today.

What happens now?  Here is what we know.  SPY retested its key reversal day high.  Market internals are weak.  There was a move from risk assets to more defensive stocks.  Gee, that kind of looks like a top to me.  Buyer beware.  A close below today's low could set a pullback in motion.


Chart practice has been updated with AN 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.