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

?+ 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 (-)

Wednesday, August 15, 2018

Daily update 8/15 SPY option data

Negative overnight news again.


SPX opened in the red and broke yesterday's low shortly after the open.  The buyers stepped in at 2802.  SPX rallied late in the day to minimize the damage.  Breadth was -65%.  New highs dropped way down to 57.  New lows spiked up to 150.  That is a lot of new low this close to the highs in the major indexes.


The futures found support at the 100 SMA.  They are well off the intraday low which suggests they could bounce further.


The red count crossed above 50 for the first time since June.  The bears appear to have gotten control for the moment.



SPY has a large number of puts at the 278, 279, and 280 strikes.  This should be rock solid support until expiration on Friday.

The market looks like it has strong support just below today's low for the next two days.  That could lead to some bouncing around.  This test of 2800 will be very interesting.  Will SPX hold here long enough to make a bottom?  If so can it make it to a new high?  Breaking below 2800 should indicate the mid term election pullback is in force.  I noted the intermediate bull pressure lines are showing the most selling pressure since before the April bottom.  That could increase the odds 2800 breaks eventually. 

The worry of the day was China.  China worries took SPX down considerably in 2015 and early 2016.  It took a G20 meeting with all parties promising to do all they could to stimulate their economies to right the ship.  If things start to really go south like they did then do you think that spirit of cooperation will exist now?  I don't.  I find it interesting that things to worry about so often show up in Aug. or Sept.  Truly amazing.

Bob

No comments:

Important

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