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Monday, January 9, 2017

Daily update 1/9

Pretty bland day.  The NASDAQ saw a bit of buying.

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.


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