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Friday, November 16, 2018

Daily update 11/16

A little bit of upside follow through.

SPX closed fractionally above yesterday's high.  Breadth was +51%.  New highs were up to 39.  New lows came down to 173.  The bulls are trying to get a bounce going.  It looks inconclusive as to whether they will make it happen.

The futures remain below the downward sloping 20 SMA.  A green price bar in a downtrend might bring out sellers again.  To get the bounce going the bulls need to show up on Monday.

The green count turned up a bit, but remains below the red line.  This is a neutral condition.

The bulls have engineered an oversold bounce.  So far that is all it is.  They need to show up next week and keep the upside pressure on.  I don't have a clue what the odds of that happening are.  The dip buyers came out and bought today's gap down.  Will they do that again if we have another one on Monday?  Possibly, but I can't say for sure.  Maybe we have a big gap up and the sellers come out to play again.  No predictions tonight.  I am in wait and see mode.

Have a great weekend.


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