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Tuesday, September 6, 2016

Daily update 9/5

A little buying on lowered rate hike expectations.

Volume was the highest since 8/5.  Breadth was not particularly strong at +56%.  New highs were pretty good though at 239.  The good news is that we made the high in the afternoon.  The not quite so good news is all the gains from the opening price on SPY came in the last 15 minutes.  Late day moves are not particularly reliable.  We will have to see if there is any follow through buying tomorrow.

The futures keep finding support at the 100 SMA.  A break of that MA would be an early clue that a pullback may be starting.  The futures made it up to the area they have been unable to hold.  It will be interesting to see what happens tomorrow.

The green count crossed over 50 today.  First time in a while.  This should be a launch or a last gasp.  Upside follow through is still needed here.

SPX is approaching resistance.  Will it hold yet again or are we on the way higher this time?  I don't have a clue. 


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