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Thursday, May 30, 2019

Daily 5/30

That was a weak bounce on low volume .

The day started with a bit of a gap up and follow through buying.  SPX got within a couple of points of closing yesterday's gap down before the sellers showed up.  The sellers pushed SPX back down below the morning low.  Breadth was slightly negative. 

The futures show an unenthusiastic bounce so far.

The red count slipped a little. 

During the mid day sell off SPX got almost down to the 200 DMA before the buyers showed up.  There are a few dip buyers in this area, but I do not believe there will be a significant bottom here.  The bulls will need to show us a lot more strength to make me believe they are serious.


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