Another pause day just above the Jan. 2018 high. Maybe they are waiting for the employment report tomorrow. Breadth was +61% as there was some strength in small cap stocks. New highs dropped way down to 90. That seems like a big tumble for a day like today. New lows were stable at 10.
The futures are trading sideways. Are they building a base or a top?
There was bursts of buying and selling today. Neither side wanting to move the market very far. I think I would have to say the market was churning. If that were to continue in the days ahead it would be indicative of a top. This close to earning season investors may be content to wait and see what happens before deciding whether to buy more or do some selling.
Bob
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