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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

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 (-)

Tuesday, February 9, 2016

Daily update 2/9

Consolidation day.


Hanging at the lows.  The breadth was worse then one would think for the small move in SPX at -68%.  New highs actually increased to 70.  New lows also increased a bit to 471.  The bulls are putting up a little bit of a fight just above the Jan. low. 


The futures are trying to find some support.  At the moment this looks like a continuation pattern. 

The market is  not short term oversold enough to cause a technical bounce.  That likely means the bulls need some good news to spark enough buying to get a decent bounce going.  Yellen speaks tomorrow in front of congress.  That is a bit of a wild card.  Unless she indicates they will forget about raising rates any further I would expect the market to eventually do a full retest of the Jan. low. 

I saw some headline about the IEA saying the global oil oversupply is getting worse not better.  That put downward pressure on oil and likely kept stock bulls away.  I think it might be tough for oil to get much of a bounce going for now. 

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.