Lower highs continue (so far)Nov 15 2017 12:46
Today is simply a repeat of the same pattern we've been seeing with this market and it's getting old. It remains potentially bullish but looking weak. Watching our canary index, the RUT, I'm seeing more weakness than strength but it refuses to break down. Is that a sign of underlying bullishness that's not showing up in the charts or market breadth? It could be but it's a leap of faith to buy the market here. There remains the risk of a getting a big gap down and no recovery but so far I could argue support is holding well enough, along with some short-term bullish divergence, to keep the bulls in the running.
Technical gremlins have continued to plague me as my desktop computer just crashed (the one that runs my charting program) and therefore I just lost my updated RUT chart to show you. I'll have to switch over to my backup computer and get my charts updated so that I can work on tonight's wrap. As for tomorrow, we'll have to see if the same pattern continues or if we'll instead finally get something different and see what message we get from the market.