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Tuesday, June 16, 2015

Daily update 6/16

The 100 DMA buyers showed up once again.

The dip buyers are definitely persistent.   Then again so have been the rally sellers.  Breadth was +61% which was inline with the size of the move.  There were 69 new highs and 84 new lows.  Nothing new there.  It looks like more of the same to me. 

The futures got back above the 18 and 200 SMAs.  They are still below the 50 and 100 though.  I don't see any sign the sellers are exhausted so I suspect they will show up again at higher prices.  Resistance has been pretty fungible lately so its a bit hard to say where.  The last swing high stopped at 2110.  While we have traded through that level a number of times we have not been able to stay above it.  At this point I don't see any reason to believe it will be different this time. 

Tomorrow is FED day.  I will not try to predict will do or how the market will react.  If that is not enough Greece heats up again on Thursday.  There was word today that Angela Merkel is still insisting there will be a deal.  I read somewhere it has to happen by Thursday so they have enough time for everybody to vote on the deal.  It sounds like there is a really big gap between the two sides.  It seems monumental to come up with a deal by then.  It could easily be Friday before we get much clarity on the future direction here.  The short term trend is back to neutral again tonight.


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