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Tuesday, February 5, 2019

Daily update 2/5

Almost there!

SPX closed four points below the 200 SMA.  Volume was light again.  There was a bit of selling mid day, but dip buyers rushed in to snap up the bargains.  Breadth was +60%.  New highs picked up a bit to 98.  New lows remained low.

The futures remain above the upper channel line.  Creeping higher.

The market is ignoring any bad news.  Don't mistake that for a lack of bad news.  The global economic data is still poor and getting worse.  Currently it does not matter.  However, the market is famous for flip flopping on a dime.  Some day it might matter again.  There really is nothing more to say until the market stops going up.


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