Volume dropped off considerably today. I changed the dark blue bars to light blue to make them easier to see. I should have done that a long time ago. Today was a doji day after a long run up. Is the market getting a bit tired? Here is the stocks above their MAs chart.
The number of stocks above their 10 DMA (yellow line 2nd panel) crossed below its MA for the first time on this rally. In the very short term the rally appears to be thinning out a bit. Sometimes it will pullback when that happens and sometimes it keeps pressing on.
SPX has not closed below its 6 SMA on this entire rally. One could make a case that this rally has never really been tested. SPX is now about 8 points above the May high (1687). Will that provide support if we test it? Until we do some kind of down side testing it is hard to say if this is a good break out or not.
Chart practice has been updated with ANF the stock tonight.
http://traderbob58-chart-practice.blogspot.com/
Bob
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