Wednesday, July 29, 2015

MOVE already!

The S&P 500 index has been bouncing around between 2040 and 2135 since February 3rd.  This maddening rut is only 4.5% wide and has been in place for 6 months.


The only interesting feature in the S&P's price pattern is a change from rising price lows in March, April and May to falling price lows in June and July; but since these are such small moves, I don't think they mean anything.

The bots are still bullish overall, but see neutral internals.  My own read is that average internals are moderately bullish, and the long-term price trend is still bullish thanks to the correction in October of last year.

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