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Friday, May 24, 2019

Daily update 5/24

The bulls drove up futures overnight, but the sellers hit shortly after the open.


SPX got above yesterday's high at the open, but failed to stay there.  Breadth was +64%.  New highs picked up to 128.  New lows dropped to 86.  Volume was really light ahead of the three day weekend.


The futures bounced today, but failed to get back above the 200 SMA.


The red count inched up a bit.

The bulls made a halfhearted effort to push the market higher.  The 2800-15 area is providing some support, but unless the bulls can get some lift it is destined to fail.  Maybe next week will tell the tale.


Have a great weekend and remember our fallen heroes.

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.