Coolhand's Market Analysis

In a bear market, rallies generally get sold. Today, we rallied hard at the open and then sold off until noon. The market chopped its way higher for a short time and then chopped lower into the close. By the end of the trading day, the market was relatively flat or sporting modest gains.

Of note today, gold extended its gains by 2.1% at $1891.90 per ounce, but did elevate above the $1900 level today.

Oil prices also rose for a 2.3% gain at $84.12 per barrel.

Treasuries were modestly lower on the day.

Here's today's charts:



NAMO and NYMO rose a bit today, but not in convincing fashion. I really think they look bearish right now. I say that because BPCOMPQ continues to look bearish as well. Both remain on sells.



Same for NAHL and NYHL.



TRIN and TRINQ both flipped to buy conditions. These two signals suggest that a bit more upside may come in the short term, but I'm not expecting anything significant.



As I mentioned previously, BPCOMPQ continues to paint a bearish picture in spite of being in a buy condition. This market has been oversold in the longer term for a number of days now and it keeps getting more oversold as this signal continues to ebb lower. I'm very much anticipating more downside as a result.

So the Seven Sentinels remain firmly in an intermediate term sell condition. Given our trading limitations and the very bearish state of these indicators, I see little reason to take any chances in this very dicey market.

And that's a good reason to stay on the sidelines for now.