It was an inside day for SPX. That is odd considering yesterday was a pretty narrow range. Breadth was dead neutral. New highs increased a bit to 123 and are holding in there. New lows increased a bit to 40 and are remaining elevated.
The futures are clinging to the upper side of the 20 SMA. Now that the MA has caught up to where we are the market will have to make a decision to launch or break soon.
The green count picked up a bit today and remains above 50.
Last night I thought the odds were pretty good SPX was going to at least test the current rally high. I think I might have been a bit over bullish. I think the odds are more like 50/50 now. I think the bulls need to come out tomorrow and show a little more enthusiasm then they have the last two days. Otherwise the rally is at risk of rolling over.
Another good article on the U.S. consumer. Consumer Credit & The American Conundrum
Bob
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