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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 (-)

Monday, July 23, 2018

Daily update 7/23 SPY option data

Indecision.


SPX opened down a bit this morning.  However, the dip buyers showed up and pushed SPX back up through 2800.  It never got above yesterday's high though.  Breadth was -55% and volume was light.  New highs were stable at 77.  New lows were also stable at 30.  This was not a thrust day so there is no decision on whether we have truly broken out above the recent trading range or not.


The futures dipped down overnight to test the recent lows.  However, they were well off those lows by the open.  They closed back above the 20 SMA.  Will they launch or roll over?


The green count slipped a bit more.  The red line actually picked up considerably.  Not exactly a confidence booster.


All three breadth indicators are negative again.

The massive call overhead we had last month at 280 is gone for the moment.  There are actually more puts then calls at that strike now.  There is no stand out resistance on the upside.  Downside support comes in at 275 and 270.  If SPY does not rally from here I don't think it will be because of options.

Price was stronger today then the internals.  Recently we have had a few up days on negative breadth and one down day on positive breadth.  I am not exactly sure what is going on.  All the short term market internals have turned negative.  If the market is going to head higher this would be a good  time for the bulls to step in with some enthusiasm.  Today was obviously lacking in the enthusiasm department.  On the positive side sellers also lack desire.  So far the trade war rhetoric has not ratcheted up anxiety amongst the bulls that I can detect.  That may simply be everybody holding on until the big cap tech companies report.  There are a lot of earnings this week.  Maybe that will push the market one way or the other.

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.