SPX was down slightly today. There is some resistance here from the 2/27 reversal day. There was a 4 point drop in the last minute or SPX would have closed slightly green. There appears to be enough dip buyers to absorb the selling. Breadth was +52%. New highs increased a bit to 140. New lows dropped down to 25. Those numbers are improving.
The futures remain above the upper channel line. They still need upside follow through to indicate they are in accelerated up move mode.
The green count dropped out of overbought and remains above 50.
The bull pressure lines are positive in all time frames.
The internals confirm the move up in stocks. The market was internally strong at the Jan. high and QQQ is already at new highs. The odds should be high that SPX will get there as well. The bears need to see a close back below the 50 DMA.
I have mentioned that ECRI has been forecasting a bit of a slowdown in global economic growth. Here is an article from them saying the slowdown is materializing and an independent one as well
Global Economy's Wile E. Coyote Moment
Leading Indicators: Is The Global Economy Slowing Down?
The slowdown is barely noticeable now. If it becomes more pronounced as the year goes on it may negatively impact markets.
Bob
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