The market gapped down a little bit and never really got going on the upside. Breadth was -59%. New highs came in at 143. New lows were elevated again at 61.
The futures continue to consolidate the move to new highs.
The green count fell a bit more today, but remains above 50.
The weak sister indexes were not good today. Especially IYT and IWM which were down over 1%. I think today saw some rotation into big cap safety stocks which held SPX up a bit. It looks like this break out to new highs in SPX is likely to fail. Since SPX got up here so fast a continued move higher was low odds. A pullback here could still lead to higher prices. It would just depend on how much it pulls back. The bulls really need another upside thrust to keep the rally going.
I have been updating this blog daily since 2012. A lot of days I struggle to find something to write about. I am writing a book now (not trading related) and I think I would rather spend my time on that when there is nothing to write about on the market. Therefore, there won't be daily updates anymore. I will still write when I see something (like today) that could be relevant to a change in direction. However, on days that do nothing or follow through in the current direction I probably won't. I will keep the trend direction table up to date every day (at least as long as I don't forget on a particular day).
Bob
2 comments:
Thanks Bob I have enjoyed the posts. All the best with the book.
TripK
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