Stock indexes were lower today. The S&P did close well off the lows and so far have found support at the recent pivot. The Nasdaq found support at the lower moving average, which is still trending slightly up. Volume increase in both markets on the decline. The above chart shows the failure of the Nasdaq advance/decline line to follow prices up on the recent rally. The NYSE advance/decline appears slightly more positive. However, with the Nasdaq the stronger market on the recent advance, the advance/decline failure to follow upward is a bit ominous.
The dollar made a nice move up, and is blamed for the downmoves in oil and gold. The trend of the dollar index over the last couple of months appears sideways. At least the down trend appears to have some to a halt. We’ve seen this sideways action before, only to be followed by another leg down. This time feels more like a bottom is in place, but who knows. The recent decline held support and made a higher low. Now the index needs to take out the early May high to confirm a new uptrend.