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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 10/2/20

Up 8/21/20

Up 10/9/20

Sub-Intermediate

Up 10/15/20

Up 10/9/20

Up 10/13/20

Short term

? 10/19/20

? 10/19/20

? 10/19/20


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, September 25, 2020

Legs? 9/25

 When we last left off I was looking for a roll over or a sign a bounce might get some legs.   SPX turned down and made a new closing low for the current correction, but did not follow through on the downside.  The door was left open for a bottom to form and with the last two days of bounce I believe the door is much wider now.

SPX seems to have found support at the 100 EMA.  While the volume was not particularly strong the last two days I got a very strong tick accumulation signal yesterday.  Ticks were pretty strong today, but not quite enough for another signal.  


The futures dropped below the 200 MAs, but failed to keep crashing.  They closed back above the 200s and above the 20 SMA as well.  This is a good place to form a bottom and it looks like that is what has happened.


The short term indicator in the bottom panel is showing an extremely oversold market.  This is a bounce worthy condition.  

The door is wide open for a tradeable bounce.  The bulls just need to step through that door early next week.  The longer term moving averages are still in bull market order.  With the market this oversold new highs would not be a surprise if the bulls come out to play next week.

Peace and good health to all.  Have a great weekend.

Bob




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