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

? 10/21/20

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 (-)

Monday, November 23, 2015

Daily update 11/23

Resistance still holding.


The last three trading days SPX found its high in the first hour then traded sideways to down the rest of the day.  There is still resistance in this area.  The breadth ended barely positive after being +64% early in the day.  Considerable selling into strength.  New highs were once again below new lows 81 to 117.  It is quite possible the resistance here is very significant.  There was a lot of trading activity here all year before the Aug. break down.


I marked that overnight high I have been talking about with a red line.  As you can see the futures have been unable to end the day above that high.  We are going to break out above it or reverse some day.  Until then expect some slop and chop.  Unlike the rally in Oct. ADX is not rising this time.  One more sign of a lack of vigor in this most recent move up.


The green count ticked up a bit again today, but is still below 50%.  While it is improving it is not giving us a true sign of strength yet.

While SPX has not been able to get above the .786 retrace level it has not rolled over either.  It is in limbo here and could still go either way.  Closing below 2078 would be an early warning of a possible roll over.  The key 200 DMA is at 2065.  Do the bulls have enough juice to break through reistance?

Bob

No comments:

Important

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