SPX came back into the trading range as Friday's break out failed immediately. That probably increased the risk of breaking out the bottom again. Breadth was a fairly broad based -62%. New highs dropped way down to 68. Momentum is waning. No wonder with the VIX under 12.
The futures are showing a potential double top, but mostly a consolidation.
The green count remains below 50. Not a lot of excitement here.
During most of the last few years most bottoms have been in the shape of a V and most tops have been sideways patterns that broke down instead of up. These tops always seem to coincide with a VIX around 12 or lower. This looks like it could be forming another one of those tops. With earnings coming up anything can happen.
Bob
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