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Wednesday, March 11, 2015

Daily update 3/12

That was an absolutely boring day.  The dip buyers did not exhibit any ambition from the high TRIN reading yesterday.  Here is a look at SPX.

I was pondering today if so many people now know about the 100 SMA pattern that instead of rushing in they were just waiting for the close below the MA.  That has been a reliable buy signal since the summer of 2013.  SPX closed slightly below the MA so maybe buyers show up tomorrow.  I got an over sold buy signal today which might also add to the bull fuel a bit.  It tends to work sooner after a narrow range day like today.  Lets see what the futures look like.

The futures are still below the 200 SMA, but did not make much more progress on the down side.  I think sellers are  hoping for a bounce.  At the same time the buyers were very hesitant.  Maybe tomorrow one side will be more motivated.

We got the SPX close below the 100 DMA.  That has been the buy signal of choice since summer 2013.  Will the bulls show up once again?  Was today just a pause day before more downside?  I wish I knew the answers.  The short term trend is down, but we have a short term oversold condition.  The bulls have showed up out of the blue right at the 100 DMA.  No market just randomly bounces off the 100 DMA that many times.  I am quite certain that was market manipulation, but by who?  Are the manipulators still in the mood to manipulate or not?  Unfortunately I am not on their email list.  I guess we will find out tomorrow.


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