There was some bouts of selling today when SPX got up near yesterday's high. The dip buyers rushed in to pick up the pieces though. However, this does indicate at least a little bit of resistance in this area. Breadth was +58%. New highs dipped to 101. New lows remained low at 7.
The futures show the consolidation at the highs.
The long term bull pressure lines are not showing much strength at .5388%. Check out the rally off the Feb. 2016 low.
The yellow arrow marks the same number of days off the low. By this time the long term green line had been as high .6064%. That is a long way from where we are on the current rally. These lines take into account both breadth AND volume. The market has not given us an all clear sign yet.
While SPX has run into some resistance here we don't know how strong it is. There really is not much else to say. We need to let the bulls and bears sort it out here for a bit.
Bob
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