The bulls pushed SPX up to a new intraday high, but failed to find buyers. After waffling around mid day the market had some afternoon selling again. Nothing too serious, more like mild profit taking. Breadth was +55%. New highs picked up considerably to 261. New lows dropped a bit to 27, but remain elevated with SPX at the highs.
The futures tried to push higher, but failed to find buyers. They remain in consolidation mode.
The green count slipped below 50 so the bulls are losing momentum.
While SPX set a new intraday high today it was only 5 points above the 10/5 high. That ain't much for 6 trading days at all time highs. The air is clearly a little thin up here at the moment. The market looks in need of a pullback. I had to laugh today when they showed a bear saying he was waving the white towel. Mind you he was not a major bear, just one hoping for a pullback this fall because of high valuations. I do not know why one would wave the white flag today. The narrow intraday ranges we have seen lately have always been one of the best indicators a pullback was coming. October isn't over yet. I guess we will see. Still watching SPX 2540 on the downside.
Interesting article on the move to passive investing. How The Popularity Of Passive Investing Precludes A Pleasant Outcome
Have a great weekend.
Bob
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