Volume was strong, but tailing off a bit. Breadth was +70% the strongest day by far since 11/7. New highs were well down from yesterday at 156. New lows also came down dramatically to 47. I wonder if the portfolio adjustments are winding down a bit. SPX is just a little ways from the high now.
The futures are up a few points after hours. They got above the trendline again today at the close. I don't know if that is significant. It may be just coincidence that the futures were having trouble with that line.
The green count did not rise with the rally in SPX today. That strikes me as a little odd, but I can't say if it was significant yet. Only if SPX continues up without the count would it signify a possible divergence.
Today turned the short term trends up in SPX and COMPX. How much follow through there is I cannot say. Do we make new highs in SPX or fall short?
Rate hike odds for the Dec. meeting have risen to 90%. Unless something drastic happens the FED will be raising rates. The last hike caused a bit of sell off to say the least. That does not seem to be bothering anybody so far. At this point I don't think the news really matters. Portfolio adjustments are the main driver. Once that settles out and the volume dies down the market may start caring once again what is happening in the world.
Bob
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