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Wednesday, July 20, 2016

Daily update 7/20

Slight new high close.


SPX rallied above the last few days resistance by 11:30, then traded sideways all afternoon.  Breadth was strong again at +63%.  More nibbling of stocks.  New highs increased considerably to 193.  How far can the rubber band stretch?


The futures tested the 7/14 overnight high today.  That is where they came to a stop.  On occasion the overnight extremes can provide strong support or resistance.  It remains to be seen if this extreme point will be stiff resistance or not.


The green count slipped again today despite the upward move in the index.  Upward momentum is waning some.  That does not mean we can't go higher though. 

Buyers keep showing up so far.  Maybe the futures have hit a resistance point, but maybe they haven't.  Lets see how far the bulls are willing to push it.

Bob

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