The Dow failed in its quest to set a new record high close for the 13th day in a row. Breadth was -62% which was quite weak relative to the small amount SPX was down. There was relative weakness in small caps, tech and transports. This might be a one day thing though. I heard Art Cashin talking about rumors going around that a big fund was doing some re-balancing from stocks to bonds. Over the last several years it has been common for the market to reverse whatever it does on the last day of the month the next trading day. New highs were down considerably to 130.
The futures are up considerably as I write this. Of course with the president speaking tonight anything can happen. So far the 20 SMA has clearly provided support.
The green count has slipped below 50, but remains above the red.
The market is consolidating at the highs. If investors like what the president says tonight another move up is possible. I suspect SPX 2400 might provide some resistance. However, nothing has stopped the market so far.
The R2000 turned its short term trend to neutral today.
Bob
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