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Friday, January 20, 2017

Daily update 1/20

Inauguration over.  Half this country is happy and half is not.  For me actions speak louder then words.  We will see what actually gets done.

SPX made a doji bar right into the apex of the triangle formed from the top line in the consolidation and the uptrend line from the Feb. low.  By default we will end up out of this pattern next week.  Once again we saw an early morning high and afternoon low.  It is starting to become a pattern again.  There is clear resistance around 2275.  Breadth was +61%.  New highs were stable at 85.  New lows also stable at 21. 

The braided action continued today with a slight positive cross.  Indecision.

The consolidation continues.  I have heard a few people say there has been a tepid reaction to many earnings reports.  As we get more reports the market might decide to have an opinion on whether it likes what it is hearing or not.  So far it has been pretty non committal.  So we wait until it decides what it wants to do.

Have a great weekend.


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