The market was a bit volatile intraday. The sellers took a whack early and sent SPX back down into the trading range it broke out of yesterday. News hit mid day about possibly restarting trade talks with China that sent SPX above yesterday's high. The sellers came out and SPX tested into the old trading range again. After a bounce it made another test down, but found buyers once again. Not much change at the close considering the travel range. The breadth was +53%. New highs were stable at 96 while new lows dropped considerably to 73.
The futures oscillated around the 50 SMA and ended the regular session just above it.
The green count turned up slightly, but remains below the red line.
There were some sellers out and about after yesterday's rally. However, there were enough dip buyers to absorb the selling. Since mid day yesterday the market has been forming another consolidation. The bulls have not quite got control back yet. They are slowly working on it though. Unless a particular sell catalyst comes along I expect they will accomplish the task eventually.
Bob
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