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Coolhand's Market Analysis

The Bullish Case is Looking a Bit Better

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coolhand
, 04-23-2020 at 05:02 PM (591 Views)
Quote Originally Posted by coolhand View Post
The market was largely flat on somewhat volatile trading today.

Market Talk-s-p-500-png
Market Talk-dwcpf-png

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.

Market Talk-nyad-png

Breadth rose, but remains neutral.

The main data point for today is somewhat good news for the bulls. NAAIM had a fairly good rise in bullish positions. They are not bullish overall, but I would say they went from collectively bearish to neutral now. The bulls just may get another up-leg in the days ahead on this reading. It may not be a big one, but it would certainly keep the uptrend intact.

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