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, August 1, 2016

Daily update 8/1 "Dangerous Rationalizations"

Nap time.

SPX made a slight new intraday all time high for the second day in a row and like Friday failed to close at a new high.  However, the breadth was much weaker this time at -56%.  New highs dropped considerably down to 236.  Resistance is holding so far.

The futures rallied to new highs overnight, but sold off once again and were back to 2168 by the open.  I sound like a broken record.  Every day 2168 comes into play.  We have been here so long the 50 SMA has about caught up to price.  All this time without an upside break out or a break down below the 20 SMA.  Will the 50 send it higher or will it be just another place to rest on?

The red line recrossed above the green again.  This is starting to get that braided look that comes with indecision. 

Until something changes there is nothing to say.  I think it is safe to say we will break out on the upside or break down on the down side some day in the next decade.

This is an interesting read.  Investors Are Relying On ‘Dangerous Rationalizations That Have Never Held True In The Past’


No comments:


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