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Wednesday, February 27, 2019

Daily update 2/27

Dip buyers to the rescue.

The market started with a little bit of a gap down, but the buy the dip crowd showed up.  There was a little selling to a lower low caused by some comments out of D.C. mid morning, but the buyers showed up again.  Breadth was dead even.  New highs were up a bit to 94.  New lows were up quite a bit to 20.

The futures tested below the 20 SMA, but bounced back.  Until we get a confirmed break of that MA the bears do not have anything to talk about.

The red count is rising a bit, but is still below the green line.  It is the highest it has been on this rally though. 

Sell programs hit the market once in a while, but there is no real concerted effort on the part of the sellers.  Until something changes I will have a hard time finding things to write about.


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