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Tuesday, May 23, 2017

Daily update 5/23

Foiled again.

SPX tried a couple of times to cross 2400, but failed.  Breadth was +57%.  New highs came in at 146.  New lows increased a bit to 26.  Volume dropped considerably.

The futures stopped right at the upper channel line.  Will they roll over there?

Its a bit hard to see, but the red count actually increased today and crossed back above the green line.  Probably not a good thing when testing a high.

There still is no buying interest above 2400.  It might have been resistance long enough to become  self fulfilling now.  The low VIX and high valuation appears to be enough to keep the buyers sitting on their hands.  A pullback still seems likely to me.

The sub intermediate trend is flopping around which is indicative of a correction.  IWM is lagging badly which also indicates the market is not running on all cylinders.


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