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 (-)

Monday, May 20, 2019

Daily update 5/20

More trade tensions.


Europe was down a sizable amount which sent the U.S. market down at the open. However, once again there was not a lot of interest in selling into the weakness.  After an early morning bounce the sellers went to work hitting the bids.  Breadth was -64%.  New highs dropped to 71.  New lows picked up to 116.  Technology was hit as the trade war hurt the semiconductor sector especially hard today. 


The futures ended the trading day below the 20 SMA, but have not confirmed a break yet.  At the 5 PM. bar close they were up 6 points from the 4 PM close.  I do not know what that is about.


The red count recrossed above 50 keeping the bears in control for the moment.   With the intermediate indicator below 50 there is some risk of more downside if SPX falls through the recent low.

The utilities were in the green as some money rotated into that safety play.  There is definitely some de-risking going on, but money must be staying in the market or we would have been down more today I think.  I do not know how many more downside gaps the market can stand and still hold up.  SPX is consolidating at the lows.  The question is whether it is making a bottom, or pausing before going lower.  SPX tried to get over the 50 DMA but appears to have failed.  That is a negative.  The market has been so strong this year I hesitate to say a trip to the 200 DMA (2776) seems like the most likely outcome.  That is probably where we are headed if the bulls don't pull a rabbit out of the hat pretty soon.

Bob

1 comment:

Unknown said...

Best recommendation for share market, free share market tips

Important

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