Some Days it Rains

A mixed, slow tape in front of what should be a week which picks up speed into some major earnings reports has me taking care of some personal business today more than anything else. 

In light of the Major League Baseball playoffs in full swing, I am reminded of the great film, Bull Durham (1988), and to paraphrase the quote, "Some days you win, some days you lose, some days it rains."

Indeed, today seems like a "rainy" day on Wall Street more than anything else, with buyers trying to reclaim 200-day moving average on the S&P 500 Index. That said, as you can see on the updated S&P daily chart, below, the attempt does not strike me as a particularly convincing one, just yet, especially in front of such big names reporting like AMZN GOOGL META MSFT V. 

Also note the small caps in the IWM with an uninspired move today, despite being off the lows. If this were a true, meaningful market reversal then an extreme laggard like the Russell ought to be up 2-3% at least given its high beta nature.