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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

Up 8/14/20

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, 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.


Have a great weekend.

Bob

Important

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