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Monday, March 13, 2017

Daily update 3/13

Dull day.

The bears did some selling today, but SPX found its low mid day and rallied a bit into the close.  Breadth was +53%.  New highs increased a bit from Friday to 85.  New lows dropped down to 54.    The bounce scenario is still looking pretty good.

The futures continue to hold above the 50 SMA.  They ended the day above the 20 SMA, but still have not confirmed a break of that MA.

The red count slipped a bit, but remains above 50.  The bears may be losing what little grip they had.

Tomorrow is pre FED day which in recent years often starts with a gap up.  It looks like the market is set up for that again.  Barring some negative overnight news of course.

COMPX turned its trend down on 3/9, but apparently I forgot to check it.  Therefore, the table did not get updated.  "Sorry about that chief".


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