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Wednesday, August 8, 2018

Daily update 8/8

Another tight range day.

A second toppy looking bar.  Volume decreased noticeably.  Breadth was -51%.  New highs dropped to 89.  New lows came in at 41.  That is a lot with SPX this close to a new high.

The futures are down a bit from the 4 PM close.  They are sitting on the upper channel line.  Will they bounce or come back inside?

That was another short trip above 50 for the green count. 

To the regulars on CNBC it is a done deal SPX will make a new high.  One thing years of watching the market has taught me is to not count your chickens as they say.  Maybe it makes it up there and maybe it doesn't.  SPX got here because of a lack of sellers.  The last two days the sellers have shown up to sell strength.  Not enough to break the market, but noticeable.  If there is not enough buying power to absorb the selling volume then SPX will not be making a new high at this juncture.  As weak as this rally has been lately there could be more supply then most people think.  Nothing is ever a done deal in the market until it actually happens.  So we wait and see what unfolds.


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