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Thursday, April 2, 2015

Daily update 4/2

Yet another odd day. 

We got the bounce as expected today.  However, it was not exactly a strong day.  Despite breadth ending at +62% the transports, biotechs, and SOX all ended in the red.  None of the indexes were up very much.  Which indicates once again there were a lot of stocks up a little bit.  That seems more like retail investors buying rather then institutions.  Volume was light once again backing up that assertion.  SPX is hanging on by a thread.  Will the bulls come in next week or not?

The futures are once again above the 18 SMA, but so far have not confirmed the move.  The DI lines are still very negatively crossed.  This is a precarious chart.  The bulls still have a chance, but time is running short. 

Mondays have been pretty strong fairly often this year on merger news.  However, this being Easter weekend there might not be any deals this time.  The bulls seem to need something to motivate them.  Every intraday bounce lately gets met with selling as soon as the initial moment runs out.  I think the intraday charts suggest the odds are a bit higher for a move down Monday morning.  If that is the case watch those recent lows on SPX.  A break down could really bring in significant selling.

The market and sector status pages have been updated.  Happy Easter to those that celebrate that day.  Have a great weekend all.


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