SPX closed down a bit so no new high close. The index was up at the highs of the day until 3 PM. It proceeded to sell off the last hour and closed at the low of the day. Breadth was +52%. New highs were up a bit to 138. New lows were also up a bit at 30.
The futures managed to stay above the upper channel line. They have not made much progress though.
The green count picked up a bit, but remains below 50.
Despite call overhead resistance SPY has managed to tack on 1.24 this week so far. It will be interesting to see if there is any push back by the option sellers the next two days.
The republicans say they have a deal on the tax bill. The senate does not have much room for republican dissenters so we will just have to see what happens when they get their hands on the details. They expect to vote on it next week. The republicans have been over promising and under delivering all year. Maybe they finally deliver something. If things start looking bad then expect some pullback in the market.
No mid Dec. pullback so far. Since 12/5 the NYSE ticks have been spending a lot of time in negative territory again. Odd with SPX hitting new highs. I saw that pattern in Nov. which eventually led to a slight pullback. Maybe it will again.
Bob
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