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Monday, April 22, 2019

Daily update 4/22

Happy Earth day.

SPX gapped down below 2900 and the buyers rushed in.  We can't have that.  However, resistance showed up at the same old place.  SPX made a slight new rally high close (by .5 points), but did not make a new intraday high.  Breadth was -57%.  Small caps were in the red today.  New highs dropped way down to 53.  That is not particularly good.  New lows picked up to 33.  Also not particularly good.

The futures are holding on to 20 SMA support.  So far no strong bounce though.

The green count slipped a little more.  The red count rose a little. 

My breadth indicators are all slightly red  The market continues to look very tired, but the bulls keep supporting SPX at 2900.  The story is the same as Thursday.  Until one side wears out or news comes along that jostles the market we will remain in this ultra narrow range.  I think historically these tiny ranges tend to break to the down side rather than up.  A pullback to the 50 DMA would not be unusual here.


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