The sellers were active the first hour, but the dip buyers held firm and pushed the market up a bit through the day. Breadth was slightly positive. New highs dropped way down to 60 though. That is pretty low two days off a new high.
The futures held above the 20 SMA. They are still inside the channel.
The green count slipped a little more today, but remains above the red.
The 3/1 low held on SPY and QQQ, but not on IWM or IYT. Still too early to tell if those lows will continue to hold though. IWM has been lagging since last Dec. It failing to hold it's low is not very inspiring to bulls. The market feels a little heavy to me. If the buyers don't show up in force I think we are likely to pullback some.
Interesting article on the lack of hedging going on these days. Why hedge, the market can only go up from here anyway right. How Trump Changed The Market: Goldman Explains Of course that makes the market a little more vulnerable on the downside should some kind of sell catalyst come along.
Bob
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