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Friday, June 21, 2019

Daily update 6/21

That is not very good.

It was a pretty narrow range day which is common in this situation.  Breadth was -60% (not good).  New highs dropped down to 130.  New lows picked up to 52 (not good).

The futures ended the day with a reversal candle.  We will have to see if there is any downside follow through from that on Monday.

The green count turned down from overbought.

The really bad part of today was the action in the already relatively weak indexes mentioned last night (IYT -.54%, IWM -.86%, XLF -.73).  It is hard to get any confidence the market as a whole is going significantly higher with this kind of response to the new high in SPX.  Next week will be interesting.  Will the bulls show up again?

Have a great weekend.


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