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Wednesday, November 11, 2015

Daily update 11/11

Thanks to all that have served and their families.  Your sacrifice to protect our freedom and way of life is very much appreciated.

The bulls tried today, but failed.

The market gapped up over yesterday's high and proceeded to sell off immediately.  After about 90 minutes of selling the bulls rallied SPX above yesterday's high once again.  The result was the same.  Nothing but sellers up there.  The buying helped the new high count rise to 63.  However, new lows were the highest since 10/2 at 115.  The sellers are getting more aggressive again.

While the futures tried hard to hold the 50 SMA they closed below it today.  We do not have a confirmed break yet, but that could always happen overnight.  The overnight bounce tested the underside of the 20 SMA and turned back.  That adds at least some confirmation of the down move.

The red count popped over 50 today.  The bears are increasing their grip.

It still looks like SPX wants to test that 200 DMA.  That is a chip shot from here.  Probably tomorrow if we have a down day which seems likely. 


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