Sellers came out early on the gap up and started hitting the bids. Breadth started out +60% at 10 AM, but was slightly negative at the close. XLF was also weak today. SPX is still above the upper channel line for the moment. Will it stay there or come back in?
The futures ended the day just above the upper channel line. Will they bounce from there or come back inside?
The green count was up slightly and remains well below overbought.
The relative weakness in COMPX and R2000 is a bit disconcerting given that those indexes were already lagging. Bulls much prefer to have those indexes leading on the upside. Next week will be interesting. Odds say there is a good chance of a down week. SPX could use more upside to confirm this latest break out to new highs. Will the bulls be willing to push prices higher from here? Will the trade stuff really matter even though it looks like the market is ignoring it? Lots of questions. I guess we will find out the answers in time.
Have a great weekend.
Bob
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