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Friday, June 30, 2017

Daily update 6/30

The bulls showed up to do some dip buying.

There was a sharp sell off in the last few minutes or SPX would have been up nicely.  Those late day moves on the last day of the month are usually reversed the next trading day.  Breadth was +58%.  New highs dipped a bit to 67.  New lows dipped to 15. 

The 100 SMA seems to be holding as support on the futures.  There is a decent platform to bounce from.

The green count increased, but is still slightly below the red count.  Both are below 50 so the power is up for grabs.

While June was up for the month SPX closed below the 6/1 close.  The entire month was a consolidation at the highs for SPX, but not exactly for QQQ.  Some money has rotated out of tech.  I don't have any idea if it is over or not?  July is usually a pretty positive month in general.  SPX looks like it could rally from here.  The VIX spiked up yesterday, but melted right back down.  It closed just over 11.  Can SPX get to new highs before it gets below 10?   Throughout the entire history of the VIX when it gets into the 9s the market stops going up.  Many things have been different in this bull market, but so far that has not.  June could be either a consolidation to go higher or forming a top.  I suspect SPX will get to a new high, but I don't have a lot of faith in its ability to make much more then that.  The bulls need to prove they will keep on buying with the VIX in the 9s. 

Some foreign names translate better into English then others. This is a tough one for an athlete.

Have a great weekend.


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