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Tuesday, June 12, 2018

Daily update 6/12

Another doji bar.


SPX closed fractionally above the March high, but never got above yesterday's high.  Breadth was slightly negative.  New highs were 127.  New lows were 29.  Resistance held for a second day.


The futures are up after hours to a slight new rally high.  Hard to say where they will be in the morning.  So far they have managed to stay above the upper channel line, but they will have to get moving higher a little faster to stay there. 


The green count turned down a little bit.  We may be past the momentum peak for this bounce. 

The breadth was negative and the green count turned down today.  The market looks a little tired here.  That is not particularly good when sitting right at a prior peak.  The market has tended to struggle the month after a FED rate hike.  Since the market already looks tired a pullback after tomorrow's hike seems pretty likely.  If that happens it will be important for the market to find some support somewhere and head to new highs. 

Bob

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