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Monday, April 10, 2017

Daily update 4/10

Yet another failure.

Despite a strong breadth day SPX was unable to stay above the 20 SMA even though it got 6 points above it intraday.  Breadth was +76% early in the day, but ended up +64%.  New highs were stable at 89.  Tough resistance. 

The futures are flat tonight so I guess Janet Yellen didn't give the market any help in her recently scheduled speech today after the close.  The futures made another attempt to get above the 100 SMA, but were sent packing.

The green count has a slight positive cross, but they are essentially even.  Talk about a non committal market.

The dip buyers keep showing up every day and push SPX above its 20 DMA.  Then the rally sellers show up and push it back below.  Neither side backing down so far.  I guess it will be up to the earnings season to determine where the market is headed from here. 


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