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Wednesday, September 7, 2016

Daily update 9/7

Are many people still on vacation?

SPX tested yesterday's high early in the morning then sold off until about 12:30.  The market bounced in the afternoon, but remained below the morning high.  Once again we made a morning high and an afternoon low.  Breadth was pretty strong at +60% for a flat SPX.  People are buying small caps since the R2000 is still below its prior highs.  New highs were pretty good at 232. 

Not much action after yesterday afternoon's mini thrust bar.  People are willing to buy little teeny tiny dips, but may still be shy about pushing price into new high ground.

The green count turned down a bit today and dropped back under 50.  Not exactly the sign of a launch higher. 

Resistance held again today.  If this is a launch to new highs and beyond it is not starting out in the normal fashion.  It may take some really positive news event to make that happen.  Lets see if the bulls are in a better buying mood tomorrow.


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