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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, May 17, 2018

Daily update 5/17

Hmm.


The market started out just fine.  SPX rallied above yesterday's high.  Then it stopped about 11 AM and started heading lower.  In the after noon some news hit about possible trade issues with China that caused a spike lower.  However, the dip buyers rushed in to buy that dip.  That left us with another doji bar and an indecisive chart.  Breadth was slightly positive.  New highs expanded to 146.  New lows were stable at 57. 


The futures ended the day just above the 20 SMA.  Yesterday's launch was aborted this morning.  That calls into question whether the current pullback might have more to go after all.  The futures have been above my resistance line three times and failed to stay there. 


The green count remains above 50, but it turned down a little. 

I get the feeling that tomorrow may be important as to whether the pullback has further to go or not.  While the breadth is pretty good on this bounce the NYSE ticks do not look particularly strong.  I showed the divergence in the number of SPX stocks above their 200 MAs last night.  I have some questions about the sturdiness of the current bounce.  I think the bulls need to show up tomorrow to keep it going.

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.