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Originally Posted by coolhand

The bears tried to keep it going as price gapped lower at the open, but the bulls stepped quickly after to slowly bring it back to the neutral line and by the afternoon into positive territory.




The gains weren't huge, but we got a reversal. Test of resistance is in progress once more. Above that, clear skies.



Breadth was negative again today,

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Stocks dip on another mostly quiet day on Wall Street. The minutes from the Fed's recent FOMC meeting did seem to poke a hole in the morning rally, but stocks have come a long way and the double top top just gave investors a reason to do some selling, after a monster rally off the March lows. The Dow lost 85-points, reversing an early triple digit gain.

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Originally Posted by coolhand

Resistance at the February peak manifested today as price was rejected and the market fell back.




It was nothing dramatic. Price is very likely to probe resistance again very soon given the relatively moderate pullback.



Breadth has fallen off recently, but does remain bullish.

Tomorrow is Thursday and that's when we get a fresh

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Stocks were mixed on Tuesday with the Dow shedding 67-points while the S&P 500, and particularly the Nasdaq, did well. Small caps and the Transports were down, and bonds rebounded for a 2nd day. The modest gains in the S&P 500 were enough to finally push it to an all-time high, but it kind of limped over that finish line, rather than sprinted. Wal-mart earnings led to a strong open for stocks, and then things got quiet and became a slow summer day of trading.

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Originally Posted by coolhand

While the market closed mixed on the day, the S&P 500 in particular added a modest gain.




Price is now testing resistance on the S&P from the February peak. Interestingly, there was no serious challenge from the bears as the February peak was tested. But the bulls didn't press either, so price pulled back from that peak just a bit. The DWCPF is close to testing its peak, but it isn't quite there yet.

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