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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 (-)

Friday, April 20, 2018

Daily update 4/20

More selling.


SPX closed below yesterday's low and therefore the 50 DMA.  Breadth was -66%.  New highs dropped again to 46 while new lows increased to 101.  That makes two days in a row with more new lows then highs.  At this point in the bounce that seems odd.


The futures dipped down to the lower channel line and bounced going into the close.  They bounced into the close yesterday as well.  That could be a sign of some fund inflows.



The green count dropping below 50 indicates the market has worked off the overbought condition.  This will sometimes bring out the buyers.

The bids that were underneath the market for a couple of days totally disappeared again.  There is talk about disappointing smart phone sales and a slow down in the semiconductor sector.  It think that took the wind out of the market's sails the last two days.  The question now is will the bulls show up again on Monday.  I think they must to keep the bounce going.  A close below today's low would be a confirmed break of the 50 DMA and would put the rally in jeopardy.  The new lows spiking up is a bit troublesome.  If this rally fails to make new highs after the strong thrust from the double bottom  we could be in a bear market.  Next week will be interesting one way or the other.




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.