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Coolhand's Market Analysis

The 200 Day Average is Getting Closer

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by
coolhand
, 04-29-2020 at 06:08 PM (666 Views)
Quote Originally Posted by coolhand View Post
The 3rd up-leg continued today with price closing with solid gains.

U.S. inventories rise 0.9% in July-s-p-500-png
U.S. inventories rise 0.9% in July-dwcpf-png

We can see that price is now making a run toward the 200 dma on both charts. Momentum is rising and volume was robust.

U.S. inventories rise 0.9% in July-nyad-png

Breadth is looking very good and remains solidly bullish.

It will be interesting to see what the next NAAIM reading will be, which is tomorrow. I remain neutral to modestly bullish.

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