The market opened up slightly. but sellers showed up immediately. This was another day of morning high and afternoon low. Breadth was -73%. New highs were close to yesterday's number at 80. New lows picked up to 23. SPX closed slightly below the 20 SMA and the uptrend line from last Feb.
The red line crossed above the green. A braided pattern is starting to develop. Those tend to not last very long before the market starts moving with a directional bias one way or the other. Sometimes it will head fake one way then reverse into a short term trend.
The inauguration is tomorrow and soon we will find out if the much talked about sell pattern will come to fruition. The futures rallied through the election night victory speech. The market might have a positive reaction to the inaugural address tomorrow. What happens next week will likely be more telling.
Bob
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