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Wednesday, March 29, 2017

Daily update 3/29

To go up or not to go up.


SPX is still a few points below the 20 SMA.  It was not able to surpass yesterday's high.  Breadth was +58%.  New highs decreased a bit to 84.  Volume dropped off considerably.


The futures got stuck right at the 50 and 100 SMAs.  Will they or won't they get through here?


The green count picked up considerably today, but remains below 50.  Better for the bulls, but still non committal.

The market had clear resistance today at yesterday's high.  We will have to wait and see if it gets through it.  It is not clear to me that it will.

Bob

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