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Tuesday, August 30, 2016

Daily update 8/30

More nothing.


There was no upside follow through from yesterday's bounce.  SPX closed slightly below the 20 SMA again.  The breadth was slightly negative.  New highs held in there at 163. 


The futures tested the 100 SMA again today and bounced.  Not much bounce yet though.  The bulls need to get going or we will fall below the 100.


The lines are right on top of each other.  The indecision continues.

SPX closing back below the 20 so fast shows a lack of buying enthusiasm at the moment.  Dip buyers are still active, but nobody wants to chase price higher.  Today was the 5th day out of 6 that we had the high in the morning and the low in the afternoon.  That is pullback type action only the damage to price is almost nothing.  Pretty odd.  If that pattern keeps up price will break down eventually.

Bob


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