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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

?+ 9/25/20

Up 8/21/20

?+ 9/18/20

Sub-Intermediate

?- 9/15/20

Dn 9/11/20

Dn 9/21/20

Short term

? 9/4/20

? 8/18/20

? 9/4/20


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, February 3, 2017

Daily update 2/3

Some investors liked the better then expected jobs report. 


SPX fell just short of making a new closing high.  The Dow closed above 20000 again.  Will 2300 still be resistance for SPX?  Breadth was +75%.  New highs increased to 176, but that was considerably lower then the 322 on the 1/25 thrust day.  I think that shows a bit of lost momentum. 


The futures are still below the upper channel line.   They are not extended in any way.


The green count turned up considerably today, but remains below 50.  This has room to run higher with the market.  However, it could also be showing a negative divergence that could mean trouble for the bulls.  This indicator has not been overbought since way back in early Dec.  The upward thrusts in the market appear to be losing steam.  Not only that, but the green count hasn't even been able to stay above 50 since mid Dec.  This chart looks like we are still in consolidation mode despite the slight drift higher the last couple of weeks.

The market is not technically overbought in the short term.  However, the market is at previous resistance.  For the short term I see no technical reason the market can't go higher.  If it fails to do so it is because there is still important resistance here.  That would not be surprising.  What happens Monday could tell us a lot.  If we are going to continue through 2300 the market should continue higher.  If it stalls again it might be a sign that resistance is going to hold.

Here is an interesting article from a long time money manager.  What the markets are telling me now

Sometimes you just need to relax and make time to enjoy your surroundings.


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.