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Tuesday, December 18, 2018

Daily update 12/18

Another test of the Feb. low.

SPX survived another test of the Feb. low.  Breadth was -52%.  New highs were 3.  New lows were 699.  Another gap up faded in the afternoon.  However, dip buyers showed up at yesterday's low. 

The futures are up a bit tonight.  At least things did not go crashing down today.

I heard this is the biggest Dec. decline since the great depression.  Of course the month is not over yet.  The bulls are supporting the Feb. low.  Maybe the FED will throw them a bone tomorrow and we can get a year end bounce going.  A break down here would probably lead to the biggest Dec. decline ever.  I don't see anything imminent enough to cause that this time of year.  I heard talk the folks in D.C. might be able to not shut the government down for Christmas.  How nice of them!  Most of the economic data is now in for the month.  The oversold condition could support a decent bounce.  The bulls just need a break in the news flow.  Lets see if the bulls can hang on to a rally sometime this week.  The alternative will be pretty ugly. 


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