Bounce day.
SPX rebounded after yesterday's close below the 20 SMA. It ran into resistance at yesterday's high though. Breadth was +66%. New highs picked up to 86. New lows slipped to 75.
The futures ran into resistance before they hit the 20 SMA. They traded sideways after the 11:00 hour. That leaves them trapped between the 20 and 50 SMAs for the moment.
The red count only dropped a little bit.
The failure to get above resistance leaves the market in limbo. SPX could continue up to close the gap or roll over and sell off. The last two days seem to indicate the overhead supply has moved down. It might take some positive news in the morning to crack resistance and continue the bounce. A break of yesterday's low should target 2800. That was good support before, but would it hold now that SPX got so close to the high?
Interesting article on the global economy from Martin Pring. Using Dr. Copper to Check the Pulse of the Global Economy
Bob
No comments:
Post a Comment