Stock Market Analysis from Traderbob58: Daily update 6/20

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 (-)

Wednesday, June 19, 2019

Daily update 6/20

No sell off after the FED meeting as many seemed to predict.

The market traded sideways all day until the FED announcement. After a very brief sell off on the announcement buyers stepped in and held the market higher the rest of the day. Breadth was +59%. New highs were a respectable 175. New lows were 29. SPX remains within a stones throw of the high.

The futures are still consolidating after the Trump tweet about meeting Xi.

The green count picked up a bit more, but remains below overbought levels.

The market has an underlying bid in it. Intraday dips are being bought. That suggests higher prices ahead. There is not much else to say until we see some real selling pressure.

Bob