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Wednesday, May 8, 2019

Daily update 5/8

Attempted bounce ran into late day sellers.


SPX was pushed around a bit on trade headlines.  There was a sell off going into the close I do not know if that was based on headlines or not.  Breadth was slightly negative.  New highs were up a bit to 79.  New lows were steady at 43.  SPX still closed above the Jan. 2018 high.


The futures remain around the 100 SMA.  Will they bounce off that MA or break it?


The red count is approaching oversold levels.

The VIX closed above 20.  With such little price damage so far that indicates a lot of put buying going on.  I would guess that is mostly hedging at this point.  The market outcome here depends on the trade negotiations.  The China delegation will be in the U.S. tomorrow.  The tariffs are scheduled to go into effect just past midnight tomorrow night.  So we wait and see what happens. 

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.