Monday didn’t see the bigger dip I was hoping for, down to retest 3000. Instead the index stayed in a very tight trading range of basically 3014 on the high side to 3011 on the low side. The 5 minute S&P chart below shows the extremely tight trading range. The main dip on Monday saw volume rise as buyers entered, effectively ending any chance of the S&P falling deeper. The outlook remains up which means, dips are quickly snapped up, no matter how shallow. If however the index does not continue the advance, the dips will become deeper as buyers will move lower as they worry that they may be entering at the top of the rally. They would be wrong however to think so, as the rally has further heights to climb.
SPX Intraday 5 minute chart chart
Advance Decline Numbers Outlook for Tue Jul 16 2019
Here are the market breadth indicator signals along with advance decline numbers from the S&P 500 Index and NASDAQ Index from the close of trading on Mon Jul 15 2019.
Members should review the signals before trading resumes on Tuesday.
The market breadth indicator analysis and outlook is for FullyInformed Members.
Market Breadth Indicator – Advance Decline Numbers Outlook For Tue Jul 16 2019
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