SPX closed below the 20 SMA yet again. The breadth was dead even at the close. New highs dropped a bit to 65. New lows picked up a bit to 26. Price remains stuck between the 20 and 50 SMAs.
The futures remain below the 100 SMA. The green price bar after a series of red bars indicates it is time for the market to make a decision. If there is more downside to come that green bar should bring out the sellers tomorrow. If the bulls show up instead then we could make another run at the highs.
The green count slipped a bit more today, but remains above the red line. The bulls are weakening, but the bears have not decided to take advantage of that yet.
The dip buyers have been active, but they have not been inclined to push prices higher. SPX has been stuck just below the 20 SMA. Every dip gets bought up to the 20. I can't tell if it is stopping because of sellers there or just a lack of buying interest. Sometimes it is clear from the intraday price action, but not this time. Does SPX break the 20 or the 50 DMA first?
Bob
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