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Tuesday, July 17, 2018

Daily update 7/17

Break out.

SPX closed above 2800 again.  Breadth was +55%.  New highs were only 64.  New lows dropped down to 25.  Not the strongest of break outs.

The futures managed to close above the upper channel line.  Will they be able to stay there?

The green count actually dropped.  Not a particularly good sign.

While SPX closed above 2800 it was not the strongest of days.  It remains to be seen whether it can stay there or not.  It would have been nice to see an expansion of new highs and stronger breadth.  Something that might indicate the bulls really mean it.  Since we don't have that we will have to wait and see if the bulls come to the party again tomorrow.  Since we had SPY option resistance at 280 some of the move could have been delta hedging when SPY got above 280 this morning.  If that is the case a drop back below 280 could cause some to take off those hedges and increase the selling pressure.  If the bulls keep on playing there is a gap at 2851.  Above that is the all time high 2873.


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