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Friday, March 1, 2019

Daily update 3/1

SPX closes above 2800 for the first time since early Nov.

The negative cross in the red/green count chart did bring out the buyers today.  However, SPX remains inside the resistance zone.  Breadth was +60%.  New highs were up a bit to 131.  New lows remained low at 13. 

The futures regained the 20 SMA, but did not make new high ground.

The green count rose significantly, but did not get above 50 yet.  Plenty of room for further buying without getting overbought.  If the sellers come out instead a second negative cross could usher a bit of a pullback.

The bulls showed up today, but have not cleared resistance.  There was considerable selling after the open that took SPX down 20 points from the early morning high before it stopped.  The dip buyers were in charge the rest of the day.  We learned there is still resistance in this area.  We did not learn whether it is insurmountable or not.  Patience.

Have a great weekend.


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