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Tuesday, July 31, 2018

Daily update 7/31

Bounce as expected.

SPX gapped up a bit and eventually found enough buyers to push it above yesterday's high.  However, it failed to stay there.  Breadth was +63%.  New highs picked up a bit to 72.  New lows were stable at 33.  I don't think today told us much.  We will have to see what happens tomorrow. 

The futures ended the trading day below the 20 SMA, but popped after hours on AAPL's earnings.  However, that pop failed to last as they are trading back below the 20 at the moment.

Today's bounce failed to get the green count above 50.

AAPL reported after hours and the stock responded well.  It was up 4% last I checked.  I am curious to see if the market gaps up like it did with GOOG and AMZN when they reported.  Of course both those gaps were sold into.  One would think something different would happen this time.  We also have the FED meeting to contend with.  SPX is still above 2800 and short term internals are still positive.  While the bulls have not done much since the break out above 2800 they technically still have the ball.  A close below 2800 changes that picture.  Just before the open there was a headline about the U.S. and China talking again on trade.  I think that helped the buying somewhat.  The market is still slightly sensitive to trade news.  Which could easily change on any given day.  It must be fun to be a money manager these days.


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