I showed the last spike up on the futures last night. Here is the mark on the SPX chart. Notice today did the same as the day after that last spike. I am sure it will play out differently, but eerie looking. Breadth was -53%. New highs were 39. New lows remain elevated at 160. When we made that last spike top new lows were down around 50. That is probably not good to be that much higher. I guess we will see.
The futures tried to push higher after the FED minutes came out at 2 PM. However, they ran into some sellers the last hour. No confirmation of a break of the 100 SMA yet.
The green count remains below 50.
The market has worked off its short term oversold condition. Other then yesterday the breadth has not been very good on this bounce. That makes me think it will roll over at some point. The question is when and from what level. So we watch and wait. Maybe the bulls will come out in force and this bounce will get some legs. Another strong day would help in that department.
Bob
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