If you would like an email sent to you when I update the blog please send an email with "subscribe" in the subject line to traderbob58@gmail.com. To be removed use "unsubscribe".

Search This Blog or Web

Monday, December 28, 2015

Daily update 12/28

Un Santa like selling.


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

No comments:

Important

The information in this blog is provided for educational purposes only and is not to be construed as investment advice.