Distribution day count back at 6, still not worried

FX:SPX500   S&P 500 Index
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We briefly saw the distribution day count on the S&P 500 slip back to 5 on Tuesday and Wednesday. On Thursday it climbed back up to 6.

The index has basically traded sideways for the past 2 months. This has allowed the longer term moving averages, namely the 50dma and the 10wk line, to play catchup. So far these moving averages have acted as support. However, the more important level of support is around 2140 where the former all-time high was back in May of last year. The reason why this level is so important is because the market established this former area of resistance as a level of support starting the week of 8/1. On the weekly chart it tested this level 3 times and has held.

Looking at the number of New Highs vs New Lows being made on both the NASDAQ and NYSE, its pretty clear that the market is simply biding time at this point. The number of new highs are still holding firm in the triple digits while the number of new lows are in the low double and sometimes even low single digits. Keep that in mind if we close below the 10wk line and keep an eye on the 2140 level.
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