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Tuesday, February 7, 2017

Daily update 2/6

Still no buying interest at the highs.

This is the second day in a row of morning high and afternoon low.  While not every day, it is happening very much like we saw before the election.  It is really odd price action for a market at the  highs.  Breadth was -52%.  New highs were stable at 137.  Investors showed up to sell the upside gap in the futures.  There is still resistance here.

The futures failed again to break out of the channel.  They are close to rolling over.

The green count picked up a bit today, but remains below 50.  The intermediate indicator is a tad weaker.

Resistance is holding for now.  So we wait some more.


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