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Originally Posted by coolhand

The bulls notched a win today, but it didn't clear up the fog around this market.




Price on the S&P attempted an upside break through resistance, but got pushed back for a modest gain overall. Price on the DWCPF came very close to testing resistance at its 50 dma. It closed for a decent gain on the day. Momentum and strength are not inspiring on either chart.

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It was a very sluggish day for stocks on Tuesday, but as we have seen often in recent weeks, one or two indices buck the trend and outperform. Yesterday was the small caps turn to take the ball and run. On a day that saw the Dow fall 104-points, and the Nasdaq and S&P close also close with modest losses, the small caps bounced back from their awful day on Monday. The dollar was up, as were yields, and the Transports made new highs.

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Originally Posted by coolhand

It was another one of those up and down days today that saw a mixed close.




Volume was on the lighter side today. Price backed off the peak a bit more on the S&P. I get the impression that this index may be coiling for a upside break through resistance. The DWCPF bounced, but that does little to change the picture for this index, which remains below the 50 dma, but also above support in the 2020 area.

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It was a day of new all time highs for the Dow, and the S&P was close if not for a late tick lower, but for the rest of the market... not so good. Small caps were pounded again, and the Nasdaq saw some moderate losses. Bonds were down as yields rallied. There's a lot going on, but what's real, what's hype, and what's it all mean?

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Originally Posted by coolhand

Today's action changed little in terms of market character. In particular, small caps got hit early in the trading session and never recovered. The S&P also got hit early, but it bounced back to close near the neutral line.




On the S&P chart, we can see that price failed to push past resistance, but it didn't give up much ground either. Price on the DWCPF gave back all of Friday's gains and bit more.

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