Stock Market Analysis from Traderbob58: Daily update 3/8

Trend table status

Trend	SP-500	R2000	COMPX
Primary	Up 7/31/20	Up 1/29/21	Up 5/29/20
Intermediate	Up 10/2/20	?+ 4/23/20	?+ 4/30/21
Sub-Intermediate	Up 3/29/21	? 4/5/21	?- 5/10/21
Short term	Up 4/1/21	Dn 5/10/21	Dn 5/4/21

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, March 8, 2019

Daily update 3/8

A weak unemployment report sent the futures lower before the open. However, there was not a lot of selling interest into the weakness. That allowed the dip buyers to support the market and end the day with a bounce.

Notice the volume dropped today indicating a lack of sellers into the price weakness. Breadth was -54%. New highs dropped way down to 46. New lows came in at 49.

The futures found support at the 100 SMA. They ended the day with a bullish engulfing bar. That suggests a bounce is possible on Monday.

The red count is getting close to an oversold level.

SPX failed to confirm a break of the 200 DMA. Next week is option expiration which is usually an up week. However, the weekly chart shows a doji bar last week followed by a bearish engulfing bar this week. That tends to be a bearish pattern after a big rally. It is important for SPX to take out the recent highs. A failed rally here could increase the selling pressure. If the market keeps falling the 50 DMA becomes a likely target.