A slightly wider intraday range then yesterday. Volume increased as well. Breadth was slightly negative despite most averages closing in the green. New highs were stable at 111. New lows increased considerably again to 68. I think the new lows probably have a lot of oil related stocks. The XOI index made a new low for the year today. So far SPX has not noticed the weakness in oil. I can't really say if there is some oil price where it might take notice or not.
The futures hit the 20 SMA and bounced. It is not clear they are ready to rally though. The closes of the last several bars are in close proximity. Equilibrium. That never seems to last too long.
Not much change today. The green count remains above 50.
I suspect the market is waiting for tomorrow. We have an ECB meeting and Comey testifying in front of congress. They released a 7 page document of Comey's testimony today which sparked a bit of buying. There must not have been anything dramatically negative in it. That would seem to indicate Comey will be a non issue for the market tomorrow. The ECB could shake things up a bit though. Maybe that will be enough for the market to do something after the last three pause days.
The FED is expected to raise rates again next week. SPX has been unable to make any real upside progress for the next month after a rate hike. I don't have any reason to believe it will be different this time at the moment. Three times might be enough for people to notice that. That begs the question if people became aware the market was unlikely to go up significantly over the next month would they hold off buying. Sometimes things become self fulfilling.
Bob
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