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Wednesday, October 18, 2017

Daily update 10/18 Dow tops 23,000 for first time as stock market rally gains speed

SPX tacked on another 1.9 points.  Amazing.  It can't go up much slower then that.

Intraday range on SPX was less then 5 points.  Breadth was slightly positive.  New highs increased a bit to 161.  New lows remain elevated at 29. 

The futures tried to break out the upper channel line twice today, but failed.  I am still amazed we have not had one test below the 20 SMA since back in Sept.  That is an unusually long time. 

The green count slipped a bit more today.

The futures were at the overnight high as the market opened.  The bulls could have gotten their thrust up day, but failed to show up.  The slow creep up pattern continues.  Still watching 2540.  Although it is getting pretty hard to keep my eyes open!

This is the article on the front page of the USA Today money section.  Dow tops 23,000 for first time as stock market rally gains speed  It mentions five things that have driven this rally.  No mention of what could go wrong.  Given that the market is barely moving up I find the part of the headline about the rally gaining speed interesting.  I guess there must be different definitions for the word "gains".  If I was writing a headline I would have said "Dow tops 23,000 for the first time as stock market rally loses momentum".  But I guess that title while truthful would not get many clicks.  There was no mention in the article about what might go wrong in the future.  The sky is blue and the market is headed to the moon.


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