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Friday, April 6, 2018

Daily update 4/6

Consolidation continues.

More trade war talk, more down side.  SPX got below the 200 SMA, but found dip buyers once again.  Breadth was -78%.  New highs dropped down to 28.  New lows picked up to 51.  Will the bulls try again next week?

The futures dipped below the buy line and rebounded once again.  They closed back below the 20 SMA, but have not confirmed a break yet. 

That was a short lived positive cross. 

The dip buyers are burning up fuel without any reward so far.  If this consolidation ends up breaking down there will be some fuel for the bears.  The TRIN closed at 2.91 which could bring out some buyers on Monday morning.  More trade war talk could easily overrule the high TRIN.  I don't think the trade stuff is going to get resolved anytime soon.  It definitely appears to be keeping some buyers away.  Every time the market tries to bounce more trade talk knocks it back down.  It is getting hard to hold long overnight.  Can good earnings that everybody already knows about be enough to fuel buying interest? 

Have a great weekend.


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