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Tuesday, May 21, 2013

Daily update 5/21

The string of up Tuesdays continued today albeit just barely.  SPX set a slight new high today, but was pushed back again.  Here is the daily chart.

There was another upper tail on the candle today showing some resistance in this area.  However, it still closed at a new closing high.  We remain overbought, but resisting a pullback so far.  Lets zoom in to the 30 min. SPY chart.

The 30 min. chart shows the biggest volume bars were red today.  This is the first time that has happened on an up day in I don't know how long.  I looked back a couple of months and did not see that. Is that a bit of distribution creeping into the market?

Check out the TLT chart.

TLT continues to flirt with its 500 SMA.  It tested the lows from 5/14 and 15 this morning and reversed strongly.  This looks like a very good attempt at a bottom here.  If it follows through on the upside tomorrow a short term low should be in place.  This is a potential double bottom at the 500 SMA going back to March.  That could support a significant bounce.  Would a bond rally put downward pressure on stocks?  It has in the past, but who knows now.


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