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Monday, April 29, 2019

Daily update 4/29

Break out!

Today's three point gain was enough to make a new all time high.  Volume was light.  Breadth was +56%.  There was a pullback late in the day that sent SPX down six points from the intraday high.  New highs were 138.  New lows dropped back to 15.  Not the strongest of break outs.  We will have to see if there is any follow through tomorrow.

The futures keep finding support at the 20 SMA.  Upside progress is slow.

The green count slipped a bit today.  It remains above the red line, but below 50. 

SPX broke out to a new high, but it did not cause a flurry of buying.  On the plus side, IWM and XLF were up nicely.  Oh the downside the industrials were flat and the transports were notably down.  The market continues to look tired, but refuses to pullback.  I don't know if that will change now that SPX has made a new high or not.  Will they sell in May or keep on buying? 

I have noticed the last day of the month sometimes has sizable moves in the last hour.  I recently heard that some pension fund rebalance monthly instead of quarterly.  I am guessing those moves might come from rebalancing.  In April SPX was up and TLT was down.  I wonder if that will cause some rebalancing from stocks to bonds tomorrow.  That would manifest with a late day sell off in stocks.


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