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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, July 31, 2017

Daily update 7/31 Here’s a sign investors are viewing earnings through rose-tinted glasses

More waiting.  I wonder if the market is waiting for AAPL earnings tomorrow night.


The sellers came out on the gap up this morning.  However, they were only hitting the bids.  No hurry to get out.  Breadth was slightly positive.  New highs were 128 and new lows were 22.  Pretty typical end of month action of late.  Usually the first day of the month undoes whatever happened the last day the previous month.  Small caps and tech were relatively weak today.  Maybe they get a lift tomorrow.


The futures stuck their head above the 20 SMA twice today, but failed to stay there.  However, they never went below Friday's low so there was very little selling pressure. 


The green count slipped a bit more today.  It is just barely above the red line now.  Sometimes that will be enough to bring on some buying. 

Since the end of the one hour selling spree on 7/27 there has been very little selling pressure.  There has also been very little buying pressure.  There are enough dip buyers to hold the market up, but nobody chasing the it higher.  That was probably just month end window dressing.  We could get some fresh money in the new month for a few days.  The VIX remains low so the upside might not be all that significant though.  The lack of progress since turning the trend up means it will be pretty easy to start turning the short and sub intermediate trends down should the market head south from here. 


Good article.  Here’s a sign investors are viewing earnings through rose-tinted glasses

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.