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Wednesday, July 27, 2016

Daily update 7/27 Factory orders

The narrow range continues.

While AAPL helped the COMPX it did not seem to do much for SPX.  This looks like churning here.  Some people buying, some people selling.  That can be a reversal pattern.  Breadth was -52%.  New highs were good once again at 226.

The futures opened the regular session right at 2168 and the sellers went to work immediately.  After the FED meeting there was a brief spike down below yesterday's low and the selling stopped.  Curious pattern.  Clearly somebody is trying to sell stuff without taking the market down as they stop selling at the prior day's low.  Then the dip buyers come in and lift prices off the low.  However, the last three days the bulls have not shown much ambition.

The red line crossed above the green line today.  However, it is still below 50.  If the bulls have the desire this would be a good time to show it.  A failure to get through resistance soon will lead to a rare slow roll over top. 

The short term bull pressure lines have come together.  Like the green/red count this would be a good time for the bulls to show up.

The song remains the same until this narrow range consolidation is broken. 

Here is a look a the latest consumer durable goods data.

The string of negative YOY prints continues.  There is still no sign of a pick up in the economy.  As long as this data has been negative it is actually amazing we are not in a recession yet.


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