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Trend table status

Trend

SP-500

R2000

COMPX

Primary

Up 7/31/20

Up 1/29/21

Up 5/29/20

Intermediate

Up 10/2/20

?+ 4/23/20

?+ 4/30/21

Sub-Intermediate

Up 3/29/21

? 4/5/21

?- 5/10/21

Short term

Up 4/1/21

Dn 5/10/21

Dn 5/4/21


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, July 28, 2016

Daily update 7/28 Why MainStreet Isn’t Buying Obama’s Economic Story

ZZZZZZZZZZZZZZZZ.


If the range was not small enough already today was an inside day.  Breadth was slightly negative.  New highs came in at 216 near where they have been lately.



The futures spiked up to 2168.5 right after the European open and started down right through to the NY open.  They found their low slightly above yesterday's low.  The market mounted a slow grind higher until just before the close.  The futures hit 2167.5 and sold off into the close.  Just a reminder that the 2168 resistance level came from the 7/14 overnight high.  It has held for two weeks now.  This has gone on long enough it will probably take an overnight gap up and over the resistance to defeat it.

Tonight the BOJ announces their next stimulus plan.  You might recall it was speculation about helicopter money from the BOJ that caused the break out in SPX in the first place.  The BOJ later said that was not going to happen, but did talk about some more stimulus.  If the announcement pleases the market enough that might cause the gap up and over resistance.  If it falls short of expectations then we might start a pullback.  I suspect that announcement is the reason for this current sideways action.  It might break lose one way or the other tomorrow.

Today turned the short term trend in SPX to neutral.  The other indexes remain in uptrends.

This is a pretty good article.  I don't agree with the statement under housing section that the government spent trillions on the housing market.  Most of the rest of it is pretty good and lots of great charts.  Why MainStreet Isn’t Buying Obama’s Economic Story

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.