Volume dropped way off today. Not all that much profit taking so far. Breadth was -51%. New highs were 114. New lows picked up to 79 which seems a bit high. The low today was just above the 50 SMA.
The 20 SMA is rapidly coming up to meat price. In another day it should be getting pretty close if the pause continues.
The green count is back out of overbought.
So far this appears to be just a pause before going higher. There is very little profit taking from the big move up last week. Bad economic news is good for hopes of a rate cut. The idea of a cut seems to have taken away the worry about not having a trade deal with China. Until we see some real selling pressure there is not much to do but buy the dips. SPX looks like it wants to test the highs.
Bob
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