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Wednesday, June 19, 2019

Daily update 6/20

No sell off after the FED meeting as many seemed to predict.


The market traded sideways all day until the FED announcement.  After a very brief sell off on the announcement buyers stepped in and held the market higher the rest of the day.  Breadth was +59%.  New highs were a respectable 175.  New lows were 29.  SPX remains within a stones throw of the high.


The futures are still consolidating after the Trump tweet about meeting Xi. 


The green count picked up a bit more, but remains below overbought levels.

The market has an underlying bid in it.  Intraday dips are being bought.  That suggests higher prices ahead.  There is not much else to say until we see some real selling pressure.

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.