SPX tried to break out of the recent range, but was turned back late in the day. That leaves us with a bit of a shooting star candle, but the upper tail is not very long. Here is the SPY 60 minute chart.
That sell off at the end of the day came on very high SPY volume. The VIX spiked up over 5% today which is a bit odd given the small down day. This all could just be month end stuff that has no bearing on future direction. If SPX is down again on Monday that could be a different story though. AAPL seems to be driving strength in tech, but SPX is still struggling to go higher. It is now up 8 weeks in a row, but it was a very narrow price range this week. Does that mean it is time for a rest? SPY ended the day below the hourly 18 SMA. Like 11/26 it is an unconfirmed break. That time the market rallied the next morning back above the MA. However, it did not make much upside progress. The song remains the same this time. If SPY climbs back above the 18 SMA then it should be in position to continue the rally. An hourly close below today's low would confirm the MA break and open the door on the down side. The first support on SPX is 1800 then 1775 below that.
The market and sector status pages have been updated.
Have a great weekend all,
Bob
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