Good morning, the dollar is being bid up this morning and the S&P futures are down four points. Yesterday the DXY held the 50dma and is getting a nice bounce this morning. This will likely lead to a failed retest of the recent high if there is no breakdown today. The CCI is barely hold bull territory getting support at the 150dma. It needs to hold this or were going to be in for more downside to the SPX and everything commodity related. There is no economic data today.
Wednesday's session began without any kind of a significant gap, moved a bit lower early on, but quickly reversed higher and set the tone for the rest of the day. There was a three point pullback mid afternoon but most of the session was a slow, low volume ascent as buyers were not enthusiastic but neither were sellers. Yesterday appeared to be simply a continued technical bounce off of technical support.
Breadth was strong and and the the ten day average of Net Advancing popped into positive territory and it is nearing the 200 level.
The intraday volume pattern Wednesday shows three spikes in volume, all on index up-moves.
In the SPX Index there were 394 components advancing and 79 components declining. There were 122 new highs and 22 new lows. The five day moving average of New Highs is 133 while the five day moving average of New Lows is 32 and the ten day moving average of Net Advancing is 170.
63.8% of the SPX are above their five day moving average, 50.2% are above their 10 day average, 42.6% are above their 20 day moving average, 54.2% are above their 50 day moving average, and 80.8% are above their 200 day moving average.
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