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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 (-)

Monday, June 2, 2014

Daily update 6/2

Another mixed day even though SPX eked out a small gain.  Here is the daily SPX chart.


SPX earned another yellow arrow today.  You might recall those mark the previous outside days we have had this year.  Today was also a well formed hanging man bar.  As you can see every other outside day led to at least a small pullback.  Will it be different this time?  The resistance areas mentioned last week are still keeping the market in check. Volume was light once again and the breadth ended the day slightly negative.  IWM was down .54% and may be getting rejected at the 50 DMA.  This needs to be watched as it could be important to the broad market.  Here is a look at the futures chart.


The -DI line turned up pretty sharply today.  That usually means the upside will be harder to come by.  If the futures are below 1919 (approximately 1921 on SPX) at 10:00 tomorrow morning the price bar will turn white and change the short term trend to neutral.  That would be another caution flag.

SPX sent out a couple of caution flags today with the outside day hanging man.  The other outside days had weakness within two days.  IYT had a big gap up, but ended the day with a big volume hanging man bar.  Another caution flag.  Do any of these signs matter?  Be on the alert for downside action tomorrow or Wed.  If it does not happen by then the outside day is different this time.  The 1897-1902 area could be support.  Below that selling pressure could pick up.

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.