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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

?+ 9/25/20

Up 8/21/20

?+ 9/18/20

Sub-Intermediate

?- 9/15/20

Dn 9/11/20

Dn 9/21/20

Short term

? 9/4/20

? 8/18/20

? 9/4/20


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 (-)

Thursday, February 19, 2015

Daily update 2/19 Japan trade balance

Range bound.  Here is a look at SPX.


SPX appears stuck between 2090 support and 2100 resistance.  It traded to a new high today, but failed to stay there and closed slightly in the red.  Breadth was slightly negative.  New highs improved a bit to 148.  Still very poor for new highs.  SPX traded above 2100 multiple times today, but simply found no buyers.  We have a nice narrow range developing to watch for a break out of.  Lets have a look at the futures chart.


Pretty easy to see the trading range that has developed.  It has gone on long enough to let the 18 SMA catch up.  We should either continue up as a bounce off that MA or break it to start a pullback pretty soon.  Maybe tomorrow.

Buyers above 2100 were missing in action so far this week.  Price has gotten up there and paused indicating it is truly a lack of buyers and not really selling resistance.  I have not seen much in the way of selling pressure at all.  Intraday pullbacks are short lived.  Until either the buyers or the sellers get more motivated we will be stuck in this range. 

Japan has been purposely devaluing the Yen in the hopes of improving exports and creating inflation.  How are they doing on the exports?

Apparently terrible.  Are they on the way to printing their way to prosperity?  Doubtful.

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.