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Friday, May 10, 2019

Daily update 5/10

A little selling on the tariff news, but buyers showed up around noon.


SPX made a wide range bullish engulfing bar.  Breadth was +62% which is quite strong for this situation.  New highs were stable at 72.  New lows were down considerably at 60.


The futures tested down to new lows this morning, but bounced strongly.  This looks like a good bounce off the 200 SMA. 

The stage is set for a bounce next week which is option expiration.  The bulls just need to show some follow through.  I have not heard how China will retaliate for the increased tariffs.  What that means for the market when they make their move remains to be seen.  First things first though.  Lets see if the bulls show up on Monday.


Have a great weekend.

Bob

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The information in this blog is provided for educational purposes only and is not to be construed as investment advice.