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Wednesday, October 11, 2017

Daily update 10/11

The slow motion melt up continued. 

The intraday range was less then 8 points.  However, SPX attained a new high close.  Breadth was +56%.  New highs were only 177.  That is well down from the 297 on 10/3.  New lows came in at 21 which is slightly elevated for a new high.  Small caps were slightly in the red, but QQQ showed some relative strength.

The futures still have not closed inside the channel.  They did not quite get above yesterday's intraday high though. They are only 1.5 points above the 10/5 high.  Despite the new high close on SPX the futures are essentially in a trading range at the moment.

The green count slipped a bit today, but remains above 50.

SPX has struggled to go up the last four days.  Breadth has also weakened some.  The market looks a little tired and in need of a pullback.  However, it has done this before in the last few weeks and failed to pullback.  I don't know if it is different this time or not.  No sign of a price pattern that looks like a top yet.  In the past these very low intraday ranges indicated a bout of volatility was likely in the not too distant future.  Does that still apply?  Maybe they changed the rules and forgot to tell me. 


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