Indices closed down.
S&P 500 @ 2748.23, low 2736.06, high 2750.80
RSI @ 77.64
CMF @ 0.061
Internals were :
UP volume led by 1.09 to 1 in NYSE & 1.19 to 1 in Nasdaq
Advancing stocks led by .63 to 1 in NYSE & .92 to 1 in Nasdaq
Net new 52 wk highs were leading by 103 in NYSE & 94 in Nasdaq
VIX Down 2.58% @ 9.82
Oil @ $63.57
Gold @ $1319.30
AH news...KBH UP 3.44%, KODK UP .93%
AH Futures Mixed
AH Asian Markets Down
AH Oil & Gold Down
About market, TAPE was under tremendous pressure before open when reports came out that China may limit / reduce its US bond buying, this news came after 6 straight days of record high close in S&P 500 and Nasdaq. Buyers came in immediately and scooped everything @ low of the day, when Dow & S&P 500 turned green, then came word around 2.15 PM that US is positioning to walk away from NAFTA, 3 way treaty with US, Canada & Mexico, so selling pressure came again, but, by end of the day losses were only .07% to .14%....who could have predicted this close. This TAPE has momentum, which cannot be ignored and require conviction.
BLOG does NOT give buy or sell.
Saleem
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