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Friday, July 12, 2019

Update 7/12

SPX closes above 3000 for the first time.


SPX has trudged higher slowly.  There is an absence of any selling pressure.  However, internals are weakening somewhat.


The green count is below 50 and has been diverging for a while now.


The short term bull pressure chart is also showing a weakening of internals.

The divergences indicate the market is getting a little tired here.  Earnings season starts up next week.  With these divergences if some real selling pressure develops the market could pullback somewhat.  With a rate cut expected at the end of the month it seems unlikely that any pullback here would be all that big.  Who wants to sell in front of a rate cut?  I will let you know if any serious selling pressure comes in.


Have a great weekend.

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.