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Monday, July 15, 2013

Daily update 7/15

That was a slow day.  Here is the daily SPX chart.

SPX is creeping up the underside of the lower red channel line.  The song remains the same.  Price is extended during a retest of a prior high.  Despite a new closing high SPX only got within about 2.5 points of the May intraday high.  Buyers may become a bit scarce here as people wait and let others go first.

There is a bit of a divergence in the numbers of new highs.  Here is the new highs chart.

This is showing a bit less conviction then we had before.  If we drop back under 200 again it would be a caution sign.  I would consider them dropping below 100 a serious warning. 

We are still in the process of testing the May high.  It still is not clear yet what the result of that test will be.  With price this extended a pullback or at least a pause seems likely in the near future.

Chart practice has been updated with TRIP the stock today.


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