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

?- 3/31/20

Up 5/29/20

Intermediate

Up 10/2/20

Up 8/21/20

Up 10/9/20

Sub-Intermediate

Up 10/15/20

? 10/21/20

Up 10/13/20

Short term

? 10/19/20

? 10/19/20

? 10/19/20


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 (-)

Friday, January 3, 2014

Daily update 1/3

Inside day.  Was that a consolidation to go lower or the start of another bottom?  Here is the SPX daily chart.


The volume both yesterday and today is rather low compared to last fall.  It is up from the holiday week, but not robust by any means.  With the holiday mid week I am sure a lot of people were still off.  I suspect volume will come back to normal next week and we will get a real idea of where we are going from here.  Lets zoom in to the SPY 60 minute chart.


SPY tested to the upside a couple of times, but failed to stay above its 50 SMA.  I put in a resistance line at the tops in case it comes into play in the future.  Today I am sure it was because of the MA.  I also added a trend line across the lows that started yesterday.  We have an ascending triangle forming here.  We ended the day at the lower trend line so a bounce or break is likely early Monday.  Breaking the upper line should mean new highs.  Breaking the lower line would likely send SPX down to test the 1808-1812 support area mentioned last night.

The market and sector status pages have been updated.
Have a great weekend,
Bob

No comments:

Important

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