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Friday, June 27, 2014

Daily update 6/27

Late day surge got SPX positive.  Here is the daily SPX chart.

SPX closed just 2 points below its all time high close.  There were only 35 new SPX highs today.  That is down from 93 on 6/20.  There was just not a lot of interest either way by people today.  Everybody is standing pat for the end of the quarter.  Lets have a look at the futures chart.

The futures closed back above the 18 SMA and now have a green bar.  They are in position to continue the rally on Monday if the bulls have any buying interest.  Hard to say.  We could easily sit and spin.  Lets take a peek at the weekly SPX chart.

We have a hanging man bar this week at the highs.  That makes this weeks low important.  A weekly close below it next week could portend more weakness to come.

We still have not had a wide range day after the 6/24 outside day.  Is one coming or is this just the sign of the times of very low volatility?  We have now spent 3 days inside that day's price range with the exception of a few minutes below the low.  It is going to take people willing to buy an over bought market at the highs to push us up.  Maybe we will see if they are willing to do that or not next week.

The market and sector status pages have been updated.  Have a great weekend.


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