SPX hit the upper channel line and stopped dead in its tracks. This would certainly be a good place for a pause or pullback. Just in time for the one year anniversary of the Feb. 2016 low this weekend. It will be interesting to see if the market is truly as happy as it appears to be or if it is just a lack of sellers. Breadth was +67%. New highs increased to 211. Curious looking chart.
The futures extended the channel break out. It will be important to hold the red line on any pullback though.
This is the highest the green count has been since 12/13. Still a little short of overbought, but it could get there even without the market going higher at this point.
This appears to be a good place to make a short term top. I don't know if sellers are going to show up or not. It seems like that is a definite possibility. The upper channel line will probably slow the market down. Of course it could always crawl up below the line. I think we might know more by the end of next week.
Nothing like a good nap outdoors on a beautiful sunny day.
Have a great weekend.
Bob
No comments:
Post a Comment