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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

? 10/21/20

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 (-)

Monday, May 22, 2017

Daily update 5/22 Investors Better Hope This Time Really Is Different

The bulls showed up again.


Volume dropped off considerably, but the bulls pushed prices higher.  Breadth was +64%.  New highs increased again to 137.  New lows dropped considerably to 20.


Quite the V shape on the futures.  They are now above all the moving averages.  There is a bit more room up to the upper channel line should the bulls feel ambitious tomorrow.


The green and red lines have come together into a neutral condition.  The intermediate indicator is barely above 50 and SPX is almost back to the high.  The  negative divergences since the 3/1 high are still getting bigger.

So here we are with SPX nearly back to the high and VIX under 11 again.  Today seemed to convince a lot of people there would be no follow through from the 5/17 splat.  Right near the end of the day both SPY and QQQ closed their gaps.  This is exactly where the stiffest resistance is likely to be.  The internals continue to weaken.  At some point this market is going to fall if the bulls can't get SPX up and through 2400.  I don't see anything at the moment that gives us particularly high odds of doing that.  It seems like a lot of bulls might have been caught flat footed on 5/17.  With SPX back in the vicinity they might want to lighten up a bit.  If that is the case they are likely to make their presence known tomorrow.

This is an interesting article.  Investors Better Hope This Time Really Is Different

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.