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Monday, July 2, 2018

Daily update 7/2

Another successful test of the recent lows.

Nobody was interested in selling the gap down this morning which allowed the bulls to take control of the day.  Breadth was slightly positive.  New highs were 47 while new lows were 105.  So far SPY option support at 270 is working like a champ.

The futures ended the day at the 20 SMA.  The consolidation continues for the moment.  The chart looks like it has a better shot at being a short term bottom then recent days. 

The bears could not break SPY support.  The charts look like they want to test the top of the trading range.  The volume was light today.  I guess some people are taking the entire week off.  With the pros on vacation the market can float up on light volume.  If bad news hits there could be some extra volatility from low liquidity though.  SPX has made two attempts to get above the 6/25 high (2743) in recent days.  The sellers showed up strongly each time.  Maybe the 3rd time will be the charm if we get there again.  First things first though.  Lets see if the bulls show up again tomorrow.


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