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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 (-)

Thursday, August 24, 2017

Daily update 8/24

Dip buyers held firm at the lows.


Somebody sold into the gap up right after the open.  That sent SPX down below yesterday's low.  The selling stopped and the dip buyers went to work.  That is how it went all day with the buyers and sellers taking turns.  SPX spent a considerable amount of time below yesterday's low, but failed to break down.  That is a positive at least for now.


For the last two days the futures have run into heavy resistance around 2446.  They have also found support around the 200 EMA.  At the end of the day the futures were still below the 200 SMA.  However, they moved up immediately after the close to climb back above the 200.  The bounce scenario is still alive.


The counts did not change much. 

The last two days have seen enough dip buyers to absorb the selling volume.  This might embolden more bulls to step in and do some buying.  A gap up tomorrow might have a different market reaction then today.  The usual way the bulls solve a resistance problem is to push the futures well above resistance overnight.  The way the futures jumped up after the 4 PM close that might be what the plan is.  On the flip side we need to watch today's low (2436) should the market test down there again.  After two days of dip buying a market break down will bring out a lot more sellers.

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.