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Monday, June 24, 2019

Daily update 6/24

This was a rotational day.

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).


1 comment:

Tripken said...

Thanks Bob I have enjoyed the posts. All the best with the book.


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