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Wednesday, December 6, 2017

Daily updarte 12/6

Pause day.

The first day with volume below average in a while.  Breadth was -55%.  New highs dropped again to 56.  New lows picked up a bit to 44.  Both buyers and sellers took their turns today.  Upward spikes in price were sold into though.

The futures confirmed a break of the 20 SMA overnight.  This is the first time a break of the 20 was confirmed on the next bar since the early Aug. pullback.  Maybe this pullback lasts a bit longer then they have in the last few months.

The green count slipped below 50, but remains above the red line for now.

Since the Aug. low dip buyers have been rushing in on every little dip.  It seems different at the moment.  Upward price spikes today got knocked back harder then what we have been seeing.  The sellers are not panicky, but they are persistent.  There is normally some tax selling in Dec. especially the second week.  That might be all this is.  However, global markets were mostly in the red again today.  Sizable moves down in some Asian markets.  I don't think there is a rush to buy this dip just yet.  There is enough data to question the direction of the global economy at the moment.  The market is due for a pullback that lasts more then a few hours anyway isn't it.


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