Sleepy day.
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
Trend table status
Trend | SP-500 | R2000 | COMPX |
Primary | Up 7/31/20 | Up 1/29/21 | Up 5/29/20 |
Intermediate | Up 10/2/20 | Up 8/21/20 | ?+ 3/4/21 |
Sub-Intermediate | ?- 3/4/21 | ?- 3/5/21 | Dn 3/4/21 |
Short term | Dn 2/22/21 | Dn 2/25/21 | Dn 2/22/21 |
Don Worden of Worden Brothers (makers of Telechart software) used to keep a trend table before his health issues got in the way. I always found it useful. Mine is slightly different. Hopefully helpful. Up? or Dn? means loss of momentum. ? by itself means trend is neutral. ?+ or ?- means trend is neutral with bias of up(+) or down (-)

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