All Blog Entries

Originally Posted by coolhand

The market was largely flat on somewhat volatile trading today.




We can see that price on the S&P 500 is testing the falling 50 dma again and closed just under it. The DWCPF may test it simply when the average falls down to the top of the trading channel if it does not break out first. Momentum is rather flat.



Breadth rose, but remains neutral.

...

Stocks rallied back on Wednesday as the Dow jumped 457-points on the day, but it felt more like a light volume relief rally after the more than 1200-point combined loss on Monday and Tuesday. With the VIX still over 40, these 2% to 4% moves have become the norm so it doesn't mean too much right now. The price of oil rallied back, but the index charts still have some problems and look vulnerable, although more upside action could change that.

...

Originally Posted by coolhand

The bulls bounced the market today. It seems we remain in somewhat of a trading range right now.




Price on the S&P didn't quite test the falling 50 dma, which is still an area of resistance. The DWCPF is moving sideways. Momentum has stalled.



Breadth is now neutral, having pushed back through the 21 day EMA.

NAAIM reports tomorrow.

...

Stocks added onto Monday's slide with another oil driven sell-off. The Dow lost 632-points, and as a change of pace the Nasdaq lagged the other indices. Some earnings after the bell may help the Nasdaq today, but we'll see if investors are back in "sell the rally" mode.

...

Originally Posted by coolhand

The selling continued today as did pressure on the oil market. But this selling still has a "controlled" feeling to it. I don't get the impression based on the action that the bears can keep this going.




So far, price has been rejected (resistance) at the 50 dma on the S&P 500. But we may have another bull flag started, so I would expect another test at some point. Having said that, momentum is rolling

...