SPX is once again red on the year and back below the 200 DMA. The breadth got very negative mid morning at -78%, but ended up -61%. Still that was on the negative side for the size of the move down. I was a bit surprised to see the breadth get that negative this week. Definitely more selling pressure then normally seen this time of year.
The sell off this morning briefly penetrated the 50 SMA, but bounced. The futures are still well above the 20 SMA. The 100 SMA was still resistance today, but it is not clear it is going to continue to hold.
The green count picked up today despite the down day. It is back above 50 once again.
Despite the unusually negative breadth this morning it does not look like the bulls dropped the ball. Whether they are willing to push prices much higher from here or not is the question. To which I have no answer. Probably a good time to relax and enjoy the season.
Bob
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