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Coolhand's Market Analysis

Bulls Need to Counter

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Quote Originally Posted by coolhand View Post
The bears are certainly letting the bulls know that they are not just simply going to go away. The markets fell again today with price now testing support near the last low.

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Price does remain above the 50 dma, so that's a plus for the bulls. The bulls do need to turn price back up for another run at the 200 dma or risk additional selling with a possible test of the 50 dma first. Momentum is turning down.

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Breadth has flipped negative.

I didn't think it would easy for the rally to go unchallenged and it isn't. NAAIM reports tomorrow and that will really help shape expectations for the next few days.

I remain bullish, but support needs to hold.

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