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Thursday, August 23, 2018

Daily update 8/23

Consolidation continues.

There was a slight gap down this morning that was immediately bought.  The bounce took SPX slightly above yesterday's high where the sellers showed up.  The selling took SPX down below the morning low, but then stopped.  The dip buyers came in once again.  Breadth was -65%.  New highs dipped again to 89.  New lows were up again to 37.

The futures are consolidating in a pretty tight range.  It won't be long before the 20 SMA catches up to price.  Sometimes that will cause the move to resume.

The green count turned up just a bit, but remains below 50. 

A lot of stocks were negative, but the major indexes did not go down much.  The volume remains light so there was not a lot of selling pressure.  So we wait until the market makes up its mind what it wants to do.  Either the dip buyers will run out of fuel or rally chasers will show up.


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