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Friday, November 14, 2014

Daily update 11/14

More equilibrium.  It was hard to stay awake today.  Here is the SPX chart.

SPX briefly tested below the 6 SMA, but never got above the upper trend line.  There were a few sizable whacks on the futures today indicating a significant seller.  As before the dip buyers rushed in to buy.  However, they did not get any upside going as there was enough selling to hold the market in check.  Breadth was slightly positive.  There were 136 new highs and 47 new lows.  That is a very low number of highs when SPX made a new all time high close.  Once again the lows are elevated.  We are still winding up for the pitch.  This could be a doozy when it finally goes.  I want to take a look at the futures 60 minute chart tonight.

While the price action is very muted there is a potential head and shoulders top forming.  Notice all the big red volume bars starting on Oct. 29.  There is quite a bit of distribution going on.  This market looks very tired to me.  Breaking today's low is likely to usher in considerable selling.  The bulls need a strong thrust to show the willingness to chase price at these levels.

The market and sector status pages have been updated.

Have a great weekend all.


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