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Tuesday, January 10, 2017

Daily update 1/10

Small cap stocks were in demand today.

The bulls did some buying early on and pushed SPX up and outside the trading range, but the sellers showed up once again.  Breadth was a strong +61%.  New highs increased a bit to 92, but were still low.  There is clearly resistance in this area.

The potential double top is still in play.  The futures ended the day just above the 20 SMA.  Will they launch or break?

The green count almost got up to 50.  That is the highest it has been in a while.  Will the bulls show up again or will the bears strike back?

The trading range continues along with the low VIX.  Status quo for now.


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