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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

?- 10/26/20

? 10/28/20

? 10/26/20

Short term

Dn 10/26/20

Dn 10/27/20

Dn 10/26/20


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 (-)

Tuesday, December 2, 2014

Daily update 12/2

Dip buyers win the day.  Here is the daily SPX chart.


SPX briefly got above Friday's close, but did not stay there.  That completely filled the gap down from yesterday.  Breadth was a strong 64% positive.  There were 125 new highs and 126 new lows.  That is not exactly the sign of a healthy market.  Lets have a look at the futures chart.


The 50 SMA provided a logical place to bounce from.  However, the rally today found resistance at the 18 SMA.  The price bar is still white.  This leaves us in limbo here.  Trading in between the 50 and 18 tends to be sloppy.  If the market is in pullback mode the 18 is a logical place to find resistance.  Yesterday was pretty serious selling so that could be the case.  Here is a look at the number of stocks above their 200 DMAs.


I zoomed in a bit so we can see the last two days clearly.  Yesterday was quite a whack on this indicator while today was a mild bounce back.  That certainly opens the door to more downside, but will the bears walk through that door or not.  Many times in this bull market they have failed to find the door knob.  If we have more downside to come then the bulls should have trouble getting SPX above today's high.  If the bulls can achieve that on SPX in the morning we could see new highs before the day is over.  If the sellers show up again we should test 2040 before long.

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.