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Friday, December 2, 2016

Daily udpate 12/2

Support held.

Buying enthusiasm was lacking.  I don't know if that was because of the much talked about Italian referendum this weekend or not.  I guess we will find out on Monday.  Breadth was +52%.  New highs dropped way down to 89.  New lows slipped some to 74.  Volume dropped considerably. 

The futures just hung out above the 50 SMA. 

The red count increased just a bit, but remains below 50.

The bulls defended the key 2190 level today, but in a lazy fashion.  Internally the bulls are losing their grip on the market, but until we break key support they could easily come rushing to the rescue.  We just have to wait and see what happens on Monday after the vote.


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