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Monday, November 6, 2017

Daily udpate 11/6

Slow creep up.

SPX at another new high.  Breadth was +56%.  New highs were up a bit to 168.  New lows remain elevated, but were down some to 47.  Volume was above Friday's, but below recent levels.  Are we running out of sellers?  The bears were definitely absent today.

The futures are remaining inside the channel and going up at a slow and steady pace.

The green count slipped again, but remains above the red line.

I am running out of ways to describe a small intraday range slow creep up market.  I mean really what is there left to say.  At this pace we could just keep on going.  Nothing will get overbought.  I don't know if there will be some magical level that brings out the sellers or not.  SPX is getting close to 2600.  R2000 continues to go nowhere with pretty big intraday volatility.  I am not exactly sure what is driving that.  It is a bit odd with everything else so quiet you could probably hear a pin drop in the middle of the NYSE trading floor.  Is this the calm before a storm or the calm before more calm?


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