The market opened up on the downside, but the buyers stepped in pretty quickly. SPX rallied modestly through most of the day to get a little green before settling back to slightly red. That keeps SPX below the 100 SMA. The breadth was nearly even. New highs were 73 while new lows increased a bit to 27.
The futures tested the 20 SMA overnight and rebounded after the open. They ended the day right at the resistance line.
The green count got a slight positive cross today, but is well below 50. This is still neutral.
The options that kept the market pinned this week have expired. Early next week we should find out what the market really wants to do. If the sellers still have work to do the market is in a good place for them to show up again. With the down open the 10:10 sellers did not show up today. Since they showed up yesterday there is still a pretty good chance they will return next week on any strength. The bulls still need to get SPX back above the 50 DMA to make an attempt to take control back.
Have a great weekend all.
Bob
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