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 8/14/20

Up 8/21/20

?+ 9/18/20

Sub-Intermediate

?- 9/15/20

Dn 9/11/20

?- 9/14/20

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 (-)

Wednesday, January 31, 2018

Daily update 1/31

The selling may have run its course.


The market gapped up, but failed to rally.  Apparently there was some left over selling from the last two days.  After the FED meeting SPX traded down below yesterday's low for a while, but did not collapse.  Late in the day the market staged a strong rally.  That could mean we have a successful test of yesterday's low.  A gap up tomorrow might have better luck sticking.  Breadth was +51%.  New highs increased a bit to 88.  New lows dropped down to 110.  Bond related items have been causing a lot of the new lows.


The futures made a second test below the lower channel line, but came right back in.  Usually a positive sign.  They are trading up a bit at the moment. 


The red count increased a bit, but is still below 50. 

I would guess the pension rebalancing would be over now.  The first few trading days of the month are often bullish and we have a potential short term bottom in place.  If the bulls can engineer another gap up they might find more willing buyers tomorrow.  If the bears show up again and break today's low then the 20 DMA should be the next downside target.

Bob

No comments:

Important

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