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Tuesday, August 29, 2017

Daily update 8/29

The futures were still down this morning, but nobody was interested in selling into the weakness.

This makes five closes in a row inside the range of the 8/22 upside thrust day.  This gives us a nice little box to work with.  Eventually it is going to break out one way or the other.  Breadth was slightly negative.  New highs dropped down to 65 while new lows increased to 69.  Volume was very light indicating a lack of sellers. 

In after hours trading the futures have tagged the 50 SMA.  They are up into what has been resistance during regular market hours. 

The green count crept up a little more, but remains below 50.  All I can say so far is that the market has worked off the oversold condition.  Will it get legs on the upside or will the sellers come back in?

Late in the day QQQ got above 143, but sold off a bit going into the close.  If the futures are still above 2446 at the open tomorrow it will be interesting to see if they can stay up there.  The key range on SPX is 2433-2454.  A close outside that range should see some follow through.


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