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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 (-)

Friday, September 15, 2017

Daily update 9/15

It made it.  SPX hits 2500 on the nose.


The intraday range for the last four days has been 6 or 7 points.  At this price level that is unbelievably small.  If it was not for down openings on the futures the range would probably be even smaller.  Amazing.  Breadth was +59%.  New highs were up a bit to 115.


The futures held above the upper channel line all night and launched off it this afternoon.  The accelerated move continues for now. 


This morning QQQ flew up to its all time high to the penny.  Then it stopped dead.  Funny how that happens.  It remains in its recent trading range for the moment. 

In Daily update 7/19 Elliot wave 5 up near an end? I came up with an ultimate target of 2514 for this bull market.  We are within spitting distance of that now.  At 3-4 points a day it could take a while to get there though.  The very narrow price range often means a short term top is near.  Maybe SPX does not hit the target before a pullback.  The resistance that had been present above the 9/12 high was not evident today.  However, buying enthusiasm at the highs was non existent.  It was yet another late day push that got SPX to 2500.  I believe what is driving the market up is index fund inflows.  A lot of that money gets put to work in the last 30 minutes of the day.  There is no way of knowing how long those inflows will keep coming.  I am still looking at a close below 2490 as a sign the rally may be coming to an end for the moment.

In Daily update 5/17 Global credit impulse I showed the chart of the Chinese credit impulse tanking big time.  The recent economic data out of China has been below expectations.  Their economy may be starting to respond to that credit situation.  We probably need to start watching more closely now.  Chinese economic worries have sent global stock markets down twice since 2015.  A third time is not out of the question if their economy really softens.

I am going to go back to sending out the subscriber emails with no link.  Who would have thought a simple blog that does not scam anybody and sells nothing would be spam!  Maybe some day I will figure out how to fix it, but right now I don't have the time. 

Lineman take their job very seriously!


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.