If you would like an email sent to you when I update the blog please send an email with "subscribe" in the subject line to traderbob58@gmail.com. To be removed use "unsubscribe".

Search This Blog or Web

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 (-)

Tuesday, September 26, 2017

Daily update 9/26

Mixed day.


The bulls showed up for a little while after the open.  However, the sellers showed up and started hitting the bids.  Nothing too serious, just persistent selling into strength.  The breadth was +55%.  New highs were stable again at 142.


 The futures got over the 20 SMA after the open, but once again failed to stay there.  The consolidation rolls on.


The lines continue to get closer together. 

SPX was unable to close back above 2500, but did not collapse either.  The sideways pattern of recent days looks just like the rest of the sideways patterns at the highs this year.  They always need a move down before taking the next leg higher.  The biggest difference this time is the slight weakness in QQQ.  It is below its June 9 intraday high.  History shows that very often QQQ leads SPX up and down.  I don't know off hand why it would be different this time.  We need to keep an eye on QQQ in case it breaks down from its multi month trading range.  Should that happen I would expect it to take SPX down as well.  Until that happens QQQ could end its correction at some point and resume leadership on the upside. 

The year 7 of a decade is famous for having a pullback in the 2nd half of the year.  Getting through Sept. does not mean we have avoided the pullback this year.  Back in 1927 the Dow made a new high in early Oct. and then dropped 10% that month.  Maybe we don't get that sizable pullback this year, but we will likely get something that gets the VIX high enough to push the market higher.

Bob

No comments:

Important

The information in this blog is provided for educational purposes only and is not to be construed as investment advice.