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Tuesday, April 16, 2019

Daily update 4/16

Some people are selling into upside gaps lately.

While SPX closed positive it was still fractionally below the close from Friday.  Volume was up considerably which is a bit odd.  Since SPX closed well below the open that suggests considerable selling into strength.  Breadth was +51%.  New highs were down a bit to 128.  New lows were up a bit to 24.  The market is rising on overnight gaps.  There is little buying interest during the day except on the bigger dips. 

The futures are still consolidating. 

The green count turned up slightly and remains above 50. 

The volatility is really draining out of the market.  We seem to be running out of buying interest, but there are very few sellers.  So far earnings season has not changed anything, but it is just beginning.  I heard Bob Pisani saying that of the companies reporting so far most are beating earnings estimates as expected.  However, he mentioned there was some trouble with revenue.  I think it is too soon to say how the earnings season will affect the market.  This is a good time to be patient.


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