Coolhand's Market Analysis

Originally Posted by coolhand

The technical picture got more bearish today as the bears hammered price lower.




It's looking more likely that the 200 dma is going to get tested. Momentum is negative. The market is not oversold (just an observation).



Breadth fell along with price. It remains a bearish indicator.

Today's action was decidedly bearish. The market

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Originally Posted by coolhand

The bulls fought back on lighter volume to close with a gain today.




The 50 dma was not retaken, but it isn't far under that key average. It's possible it may act as resistance given price has been below that average for 3 days now (on the S&P 500).



Breadth ticked higher, but remains bearish.

We're just going to have to see if

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Originally Posted by coolhand

Seemed like everything was under attack today (stocks, precious metal, crypto). We've seen this before.




The DWCPF joined the S&P under the 50 dma today. Volume was very elevated. If there weren't 2 sides battling this out, I suspect the market would have fallen apart altogether. But even if it isn't falling apart, it's moving lower. The 200 dma is still further below and we may yet test it.

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Originally Posted by coolhand

The week ended on a negative note Friday as the S&P and DWCPF both fell. However, the S&P 500 closed for the week with a moderate loss, while the DWCPF closed with a significant gain. Isn't that interesting.




Volume was much higher today. Momentum is falling on the S&P, but flat on the DWCPF. The 50 dma failed today on the S&P 500, but not the DWCPF.

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Originally Posted by coolhand

It was bears turn to make a run out the gate today as price fell hard at the opening bell.




I said yesterday that a retest of the 50 dma was still possible and we only had to wait 1 day to get that retest (the test is still in progress). Price closed just above that key average on both charts. To this point, support is holding, but will it last?

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