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 1/20/21

Up 1/7/21

Up 1/19/21

Short term

Up 12/28/20

Up 1/6/21

Up 12/22/20


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, January 31, 2017

Daily update 1/31

Dip buyers active again.


The dip buyers kept SPX near the top of the old trading range.  Not clearly above it and not clearly back into it.  Breadth was +58% which was quite strong for a down day in SPX.  New highs picked up to 74, but remain quite low.  Are we going to bounce off that upper horizontal trend line?


The futures hit the 100 SMA again and again found support.  For the moment they seem to have run into resistance at the 20 SMA.  Will the futures break through that resistance or be turned back?


The green count turned up again today, but remains below 50.

There is a FED meeting tomorrow.  Nobody expects the FED to take any action.  However, sometimes their statement can cause a little volatility.  Despite the island gap reversal and the Dow's failure to hold 20000 the market may not be done.  Another attempt to go higher could be in the works as the market looked like there was some accumulation today.  I think there is a lack of selling pressure at this time because we are so close to the one year anniversary of the important Feb. low.  After the middle of Feb. that may change.

Bob

No comments:

Important

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