Up modestly on the week.
The S&P is trading up about 12.5 points or 0.62% on the day. The high price extended to 2058.35 in the process. The high got to within 2 or so points from the 50 day MA at the 2060.50 area.
Admittedly, the index traded above and below that MA on Monday and Tuesday. ON Wednesday, traders seemed to use the level to lean against. The low yesterday just ran out of steam, well ahead of the next key support against the 100 day MA at 2011.08. Sellers are more in control with lower highs. They have to prove they can hold a rally.
Looking at the daily chart, should they take more control it will on a break above the 50 day MA as step 1. There will be additional resistance against the topside trend line connecting the most recent highs (going back to mid April). The trend line cuts across at around the 2071 level (it will be lower on Monday).
Although a break is another step in the bullish direction, the market has lost the strong appetite to "just buy and be invested" attitude. There are winners....yes (is Amazon with 400 times future earnings what you want your nest egg all invested in?). But there are plenty of losers as well. You have to be really good (and lucky) to beat the market.
Losing the appetite to "Just buy baby!" can feed on itself if more and more funds are taken out of the market and parked in cash (or some other asset). What that asset is, I don't know - maybe cash. After all, before long we will have The Donald vs. Hillary. Prime time TV stuff there.
