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Thursday, March 23, 2017

Daily update 3/23

Bounce aborted when news that today's healthcare vote was probably not going to happen.

Weak two day bounce attempt.  There was some strength in small caps though.  Breadth was +62%.  New highs increased a bit to 61,  New lows dropped way down to 23.

The futures tested above the 100 SMA, but were rejected.  However, the rejection came after it started to become obvious the healthcare bill was not going to pass the house today. 

The red count turned up again today, but remains below oversold levels.

SPX had a good bounce going through mid day.  That was squashed by the folks in D.C.  So how do we predict what happens tomorrow?  If today's action had happened without news I would say the odds tomorrow will be down are pretty good.  That may still be the case, but news out of D.C. could easily change that.  Until we get the vote over with the market could be choppy.  I don't have any idea how to analyze D.C. actions.


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