Coolhand's Market Analysis
Post Election Gains and Lots of Uncertainty - Posted by Coolhand
by , 11-04-2020 at 04:40 PM (611 Views)
Originally Posted by coolhand
The rally continued today, even as uncertainty appeared to reign over the political sphere. Market generally do not like uncertainty, so I thought the rally was interesting for that reason. Of course, the smart money may not be as surprised.
Price on the S&P 500 retook its 50 dma today. Price on the DWCPF moved further past its own 50 dma. Volume was above average and momentum has now turned up. Potential resistance at the previous peak is not far off on either chart.
Breadth was not as impressive today, but did eke a bit higher and does remain technically bullish.
At some point, the market is likely to pause or consolidate gains if this rally continues. Any unexpected news could also turn the market around, so I can't rule that out. NAAIM reports tomorrow and that will be an important reading given all of the uncertainty. We'll see how the smart money is positioned heading into next week.
I remain bullish.
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