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Tuesday, July 25, 2017

Daily update 7/25

Typical pre FED day gap up.

A new high close.  Breadth was +59%.  New highs increased to 223.  New lows dropped back to 14.  That is kind of an odd looking chart.  Four narrow range bars in a row.  Similar patterns have been indicative of short term tops in the past.

Despite the move up the futures are still inside the channel.  We are still in consolidation mode.

The green count picked up a little bit today, but not much.

The sell off in GOOG kept QQQ in the red all day.  There was also some selling in the SOX, but it recovered most of its losses by the close.  The bulls have not shown up to push QQQ significantly higher yet.  It is still in jeopardy of failing its break out.  SPX is starting to look like a potential short term top forming.  That is certainly understandable as the VIX got down to 9.04 intraday.  Buying here seems like ultra high risk.  We will have to see if any sellers show up though since they have been missing in action the last few weeks.

I guess I must be in a hurry to get the FED meeting out of the way.  Last night I mentioned it was today.  I woke up in the middle of night wondering why I thought today was Wed.  So lets try this again.  The FED meeting is tomorrow.  Those meetings have not brought out much volatility recently, but I guess there is always chance something happens.  


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