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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 (-)

Friday, September 4, 2015

Daily update 9/4

Buyers and sellers took turns today so the employment report must have had a little bit for everybody.


SPX is back to having a red price bar.  Breadth was -74% which is inline with the move down.  New highs were 7 while new lows perked up to 139.  I don't think sellers were highly motivated, but buyers were a little scarce.


The futures broke the lower trend line this morning.  While the next bar closed lower it did not close below the first bar.  This is an incomplete confirmation of the break. 


The green/red bar chart saw the red count shoot up today.  It was not just SPX that turned red.  One interesting thing about the count being this high is that most of the time the market bounces the next day or two.  It usually makes a lower low though.  However, the count of both colors is not normally as low together as they were so this is an unusual situation.

On the surface it would appear the bears took control of the market again today.  It just does not appear to me they were very excited about it.  The TRIN ended over 3 which is in the bounce zone again.  I am not really sure we are ready to go down yet.  If the futures are red at the Tuesday open then we are likely headed for a retest of the Aug. low.  If they are green the current bounce could continue.  It just seems like the sellers are still hoping for higher prices to sell at.  The only question is if there are enough brave bulls left to push it significantly higher.  They are out buying dips, but stop when price starts moving up good.  In case that isn't clear I am saying the market could go up or down from here.

I posted a look at an interesting article on the current investing environment on the 401k/IRA blog.
http://traderbob58-401k-ira.blogspot.com/

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

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.