There was a bit of selling pressure, but mostly in small caps. Most other indexes were slightly up or down. Breadth was -62%. New highs came in at 57 while new lows spiked up to 117. That is not a very good sign. SPX remains below the 20 SMA.
The futures are consolidating between the 20 and 50 SMAs. They should break one of those MAs tomorrow.
Both the green and red counts increased a bit today. The bulls are not showing much enthusiasm yet.
This is option expiration week which has a pretty strong upside bias. I would think this bounce has further to go. However, the action in the small caps and the big increase in new lows are not good things longer term. Internally the market still appears to be forming an important top. The bulls can still right the ship, but they definitely need to buy with more enthusiasm. Maybe they will show up tomorrow and continue the trip towards the highs.
Bob
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