we're never going down again, thursday

In America:

SP500 +0.06%
Dow Industrials -0.26%
Nasdaq100 +0.4%
Dow Transports +0.38%
Russell 2000 +0.33%

Comment: SP500 up a smidgin, Dow 30 down modestly, Nasdaq100 up modestly, R2K up modestly. Ranges were narrow. Volume was better than yesterday but still low. The market is in the doldrums, wallowing around. (See charts for the Dow 30 and Nasdaq100 below.)

NewHighs/NewLows 325/5. NH>NL. The ratio of NH/(NH+NL) is at 98.5%. In the Do Not Sell Zone. New Lows are almost non-existent.

Technical Comment on the SP500:

The SP500 finished at 1520.33. Major support: 1466.7. Resistance 1526.7
MACD Histogram. Marginally above zero. Neutral.
MACD. Marginally above zero. Neutral. Indicator has flattened out near zero.
RSI.9 is at 68.2. Back in a zone where falls in the market can occur (if we’re in a long term bear market). Negative divergence setting up.
Stochastic. 90.7. Overbought. Below its signal line.
CCI.14: +140.4. Overbought.
The market is limping along – with an upward bias. Dow 30 is flat, Such consolidations can break either way – but the odds favour the existing trend – a little.

Just how tight this market has become can be seen particularly in the Dow 30. In the last nine days it’s tried to break above 14000 but failed. The more failures that occur, the greater the chance bears will gain the upper hand. But a break upwards would be very bullish:

Here’s the Nasdaq100, the weakest of the three major indices. The long, relatively flat broadening formation has a bearish bias. They break lower about 2/3 of the time. That’s enough of an edge for bulls to be cautious. A break above horizontal resistance would favour the bulls :

Yesterday, in Australia, the market broke above major horizontal resistance. That looks like being tested today.

JG - I liked your "sullenly bullish". :)

Redbacka