SPX closed above its 100 SMA and is just 17 points away from the 200 SMA. The 200 could act like a magnet or cause buyers to become hesitant. Breadth was +64%. New highs dropped to 63 after recently peeking at 124. That seems like quite a sizable drop with the market moving higher. New lows remain low at 5.
The futures remain above the upper channel line. They keep on chugging higher.
The green count dropped a bit today, but remains above 50. This could mean the rally is thinning out a little.
SPX is within a stones throw of the 200 DMA now. The market rose on a clear lack of sellers today. Are the sellers waiting for the 200 to be hit? The move has lasted long enough for plenty of short term traders to get on board. At some point they will take some profits. Until they do there is not much to talk about. We will have to wait and see how far the bulls are able to push it.
Interesting article on several fundamental issues. Mixed Market Messages
Bob
No comments:
Post a Comment