If you would like an email sent to you when I update the blog please send an email with "subscribe" in the subject line to traderbob58@gmail.com. To be removed use "unsubscribe".

Search This Blog or Web

Tuesday, November 27, 2018

Daily update 11/27

Strange day.

SPX rallied after a gap down and closed positive.  It closed the 11/20 gap down.  The breadth was actually -59%.  R2000 was -.87%.  New highs came in at 22.  New lows spiked up to 224.  Odd internals for a positive day.

The futures made it up near the upper channel line.  That could be resistance in the short term.

The red count increased today despite SPX being up. 

The internals suggest the positive day was caused by the biggest of the big cap stocks.  Not exactly an all clear sign.  I don't know if the market is trying to find a bottom or just bouncing from an oversold condition.  The bulls still have more work to do.  Market internals are still favoring the bears at the moment.  It looks like the bulls are trying to defend the Oct. lows.  It just isn't clear to me they will be successful.  The market needs to sort itself out here.


No comments:


The information in this blog is provided for educational purposes only and is not to be construed as investment advice.