SPX closed back below the 20 SMA. Breadth was -52% so the selling was not very broad. New highs cane in at 109. Rather light volume for an option expiration.
The futures hit the 100 SMA and turned back. This afternoon they sold off to the 20 SMA then bounced. So far the bounce seems to be alive.
The green count picked up slightly despite the down day. No technical damage from today indicated here.
Both the short term and the long term bull pressure lines are still negative. The intermediate lines are slightly positive. The current rally attempt is having a bit of trouble getting going.
The current rally does not have a lot of technical support behind it yet. However, it is possible that nervousness in front of the French election is holding the buyers back. The price action since the low looks kind of like a bear flag. The bulls need to show up with some force next week and break up that pattern. Otherwise, there is a risk the market rolls over and heads down again.
This is an interesting article. How The Passive Investing Mania Undermined Its Most Basic Assumption
More technology for country folks.
Bob
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