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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

?+ 9/25/20

Up 8/21/20

?+ 9/18/20

Sub-Intermediate

?- 9/15/20

Dn 9/11/20

Dn 9/21/20

Short term

? 9/4/20

? 8/18/20

? 9/4/20


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, January 25, 2018

Daily update 1/25

Pause day.


We have definitely found some profit takers.  The sellers came out right after the gap up opening.  However, they did not do too much damage.  The dip buyers showed up to hold the market up the rest of the day.  Breadth was -52%.  New highs dipped down to 261.  New lows picked up to 63. 


The futures dipped below the upper channel line again, but found support. 


The green count continues to show considerable strength. 

There was an overhang of supply evident in the morning, but there was clearly an underlying bid in the afternoon.  The transports and semiconductor sectors have been relatively weak the last couple of days.  Nothing to worry about yet, but those are economically sensitive sectors so continued weakness might eventually be a problem.  Even at these elevated levels there has been enough dip buyers to absorb the profit taking.  It might take a news event to change that.

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.