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Wednesday, September 19, 2018

Daily update 9/19

SPY option resistance holds again.

The bulls really tried to push SPX higher today.  SPY made it slightly above 291.5, but was repelled.  The bulls tried again in the last hour, but failed again.  Breadth at 10 AM was +58%.  At the close it was -55%.  There was clear rotation going on as the sectors were mixed.  XLF had a very strong day along with GDX and XLB.  Tech and small caps were weak.  New highs contracted to 72.  New lows contracted to 92, but were still higher then the new highs.

The futures got slightly above yesterday's high, but failed to stay there.  So far option resistance has been like a brick wall.

The green count went sideways today, but the red count picked up a bit. 

SPX is right near its high, but COMPX and R2000 are not.  R2000 is even slightly below its June high.  The market still appears to be having trouble getting itself together to go up.  So we wait and see what happens.


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