SPX did not quite get to a new high close. Breadth was +67% which was once again very strong for the little bit the indexes were up. More nibbling of stocks. I don't think I have ever seen so many strong breadth days with so little movement before. The price pattern is kind of like a slow creep up pattern, but that normally has breadth readings in the mid 50% range. This is out of the ordinary at least in my experience. That means we won't really know if there is any particular meaning in this price action until we can look at it in hindsight. New highs rebounded nicely to 168.
The futures did not really do much since the bullish reversal bar. They are currently only 1.75 points higher then the high of that bar. The market acts like there was some resistance at the highs today. That may be option related and be gone after tomorrow. If it is option related further upside tomorrow could be tough.
The green count recrossed to the upside, but is still below 50. Will it be able to cross this time?
Since SPX crossed 2160 the upside has been tough to come by. However, the dip buyers rush in on every little teeny tiny pullback. They just have little ambition to push prices very far. This looks like a fragile pattern should some sell catalyst come along. However, you can't really predict that. In the mean time we could continue to crawl higher.
Bob
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