SPX tested below yesterday's low three times this morning, but the dip buyers showed up each time. Breadth was -58%. New highs were 132. New lows picked up to 72. The high number of new lows is a bit odd. Volume remained subdued in another day of consolidation.
The futures continue to consolidate. The 20 SMA caught up to price on the last bar. Will that push the market higher on Monday?
Bad earnings news in the semi sector (SOX -2.6%) put a bit of a damper on the bulls enthusiasm. However, the market held up despite multiple tests below yesterday's low. The market still acts like it wants to go higher. There is an underlying bid at the moment.
Have a great weekend.
Bob
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