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Wednesday, May 3, 2017

Daily update 5/3


People bought the dip and sold the rally today.  Breadth was -58%.  New highs dropped way down to 116.   New lows increased to 51.  Another not good day for bulls.  A close below today's low will put SPX into a short term downtrend.

Curiously the last 3 bars closed less then 1 point from each other.  Each one closed below the 20 SMA as well.  No confirmation of a break yet though.

The red count crossed above the green today, but remains below 50. 

All three time frames in the bull pressure chart have negative crossovers.

This is the point when I say the bulls need to show up the next day or the market is going to go down and then the bulls show up.  Will the bulls pull off another stick save as they have done time and time again over the years?  A close by SPX below today's low says probably not.


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