I was leaning bearish for Wednesday and the market gave us weakness, though once again it was the DWCPF that took the bulk of the selling pressure, which isn't unusual. The Fed left rates unchanged today and Apple fell to profit taking after posting disappointing iPhone sales.
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The S&P 500 and EFA both dipped, but not much. The DWCPF came close to filling that lower gap. That may be all we get for now, but its possible there could be some bleed over weakness on Thursday morning. The S&P 500 still has its gaps unfilled. It could be weeks before those get filled. Maybe.
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The Bank Index posted a moderate gain and is now getting close to testing its falling 50 dma.
After leaning hard toward weakness on Wednesday, the options smart money went neutral heading into Thursday. There will be more sentiment surveys tomorrow. No real change to my other indicators; they remain intermediate term bullish.
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