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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