SPX bounced enough to get back above the upper yellow line and the 20 SMA. This is probably the bounce that was interrupted by the Fischer comments on Friday. You have to squint to see the volume bar. The breadth was +68%. New highs slipped a bit to 169. The market got a little mixed up today. The financials rallied strongly on the prospect of higher rates. However, interest rates collapsed calling the FED's bluff on a rate hike. I guess the bond market thinks like I do. The FED is nothing but talk on a rate hike in Sept. Now everybody will be watching Friday's employment data for a final clue before the next FED meeting.
The futures bounced off the 100 SMA. I have no idea how long the bounce lasts though.
The green line crossed above once again. The braided look continues as does the consolidation.
All the gain in SPX since the middle of July came on the Aug. employment data. It is certainly possible we continue to chop around until Friday. Looking like a great time to be at the beach.
Bob
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