The S&P 500 Index opened up @ 1198.07. It made a low of 1184.58 which seems to have been a buy point for short-term traders. Apparently, 1184.58 represented a day trader trend line of support. From there, the market bounced up. The high was 1198.94. The close was 1197.84.
The day was a bearish day. The close was lower than the open, despite the late day rally. And the volume on today's down day was greater than Friday's volume on an up day. (A down day is when the close is lower than the open. An up day is when the close is higher than the open.)
Investors remain way too bullish on the market. A buying opportunity is not close at hand as long as the Bullish Quotient on the S&P 500 Index sits @ 76.60. Where's the fear? The Relative Strength Index (RSI) closed @ 54.54. That's not a buying moment. The MACD lines remain in a down trend. The full stochastics leave me cold @ 46.39 and 34.08.
This day will soon be forgotten.
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