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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

? 1/4/21

? 1/4/21

?+ 1/4/21

Short term

? 12/11/20

? 1/4/21

Up 11/24/20


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, April 25, 2017

Daily update 4/25

Upside follow through.


Today's high fell just a few points short of the 3/1 close.  We ended the day with the second highest close ever.  Breadth was +65%.  New highs expanded again to 296.  Volume was even higher then yesterday. 
 

The futures easily cleared yesterday's resistance.  This is the third trip above the 2385 level.  The other two times did not last long.


The green count actually dipped slightly today which seems a bit odd.  Notice the big negative divergence in the intermediate indicator.  That will be important if the market ends up turning back here. 

SPX is retesting of the 3/1 high.  Is the 2400 level still going to be resistance?  I would think the bulls would make sure SPX gets to 2400 in the next few days just to see what happens.  Since this is the third test in this area I would expect a bigger pullback if the market fails to break out and move higher.  Whether we go significantly higher or not likely depends on how investors in general feel about the earnings picture.  I heard Bob Pisani talking about a number of companies raising full year guidance.  The trouble with this kind of reporting is we don't really get the full picture.  Of all the companies reporting so far how many have raised full year guidance versus lowered?  It is really what investors think will happen in the next couple of quarters that will drive price. 

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.