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Monday, March 25, 2019

Daily updatre 3/25

Pause day.

SPX gapped down below 2800, but crossed back above that level three times during the day.  However, each rally was met with selling and at the end of the day SPX was below 2800 and the 20 SMA.  A close below today's low would confirm the failure of the break out over 2800.  Breadth was nearly dead even.  New highs plummeted to 70 while new lows picked up to 56.  Volume was really light which would seem to indicate some indecision.  I would guess a lot of people were waiting to see what the market would do after Friday's sell off rather than snapping up bargains or selling with both fists.

The futures have found support for the moment at the 100 SMA.  Will they break or bounce?

The red count remains below 50, but above the green line.

Since SPX is just below 2800 the bulls still have a chance to save this rally.  The question is whether they want to or not.  I don't know the answer to that.  We will have to see who shows up the strongest tomorrow.


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