Coolhand's Market Analysis

Another choppy day, but the market managed to close modestly higher nonetheless.

This market has had several opportunities to sell-off this week and yet the bears have been almost a none factor. It could be the seasonality coupled with the notion that the Fed has our backs. We've also been advancing for some time now too, so turning this market lower for more than a short term drop could take time. If that's what's going on than we may be building a complex top. But I'm not necessarily calling a top. I'm only pointing out that the indicators have not been particularly bullish and that makes me think a turn is still coming.

Here's the charts:



NAMO remained on a buy today, while NYMO managed to turn up a bit. Still, there's not much momentum showing up here and that's problematic.



We turned up a bit here too, but only marginally. I'm not encouraged.



Both TRIN and TRINQ are still flashing buys, but notice that TRIN's 6 day EMA is quite low when compared to the last few months. Is this a sign of strength or a sign that we'll turn soon?



BPCOMPQ ebbed just a bit higher today and remains on a buy. This signal continues to suggest we'll melt up regardless of what the other signals are saying.

So we have a mixed bag and the system remains on a sell. It's looking very unlikely that last week's buy signal will be confirmed by NYMO and I believe we're close to a top based on sentiment and these signals overall, but so far the bulls have had their way and that could continue to be the case for some time yet regardless of what I think.