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Wednesday, August 23, 2017

Daily update 8/23

More politics?

The down opening today was attributed to DJT mentioning he might cancel NAFTA last night at a speech.  Dip buyers came in at the open and held the market up all day.  Some indexes even got positive during the day (SOX even closed green).  There buyers and sellers took turns in the afternoon.  There was a drop going into the close.  Breadth was slightly positive though.  New highs were stable at 76.  New lows were also stable at 47. 

The late day swoon and dip after hours has taken the futures back below the 200 SMA.  It would be better for bulls if they are back above that line by morning. 

The red line remains below 50 and above the green line. 

Was today a retrace of yesterday or is the bounce rolling over?  Good question.  I think tomorrow will tell the tale.  If the bounce is going to continue the bulls need to show up tomorrow.  If the bears show up instead we could easily head down to new lows.  A third big down day might give the dip buyers a bit of a pause.


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