The bears took price lower today. The action started out negative in morning trading, but price rose from opening lows and peaked about 1 hour after the open. The DWCPF was positive at the peak. But after that, it was a choppy ride downhill till midday and then a feeble attempt to recover that failed.
Price on the S&P is now testing the 50 dma. It's holding for now, but I'm not confident that will last. The DWCPF is faring a bit better and remains well above that same key average. Momentum is diving. Volume is elevated, but not panicky.
Breadth reversed from its short-lived pop into positive territory yesterday and fell back into negative territory.
I do not feel good about this market right now. I've allowed the indicators and sentiment to give me a better picture and for the bulls to prove they still have control, but I'm not seeing that right now. NAAIM backed off their bullishness late last week, but like me, appears to be making the market prove where it's going.
The Gamestop story is very interesting and I believe that this may be evidence that the game is changing. I would not be surprised if more stories appear in the days/weeks ahead that are out of the ordinary with regard to the market.
I am going modestly bearish after being neutral the past 2 trading days. The market may still turn around, but risk is very elevated in my opinion.