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

Up 10/9/20

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, June 20, 2014

GLD and GDX

Lets start with a monthly chart of GLD.  It may be showing a change of character here.


The month isn't over yet, but yesterday's big move up has turned the bar green.  Can we hold these levels into month end?  We have had a double bottom in place for a while.  So gaining some upside momentum seems possible.  Here is a look at the GDX monthly chart.


GDX has a potential inverse head and shoulder bottom forming.  It also has turned the monthly bar green.  A very positive change of character if it sticks.

If these ETFs do make a bottom and bounce I have no idea how long it might last.  There is clearly plenty of room above for a significant bounce. However, the 18 SMAs are heading down sharply.  Price needs to get above that MA and stay there long enough to turn it back up before we can feel comfortable they have probably started a new bull market.  That will take some work.  In the mean time it looks like they are worth watching for long trading ops.

Bob

No comments:

Important

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