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Coolhand's Market Analysis

Test Imminent? Posted by Coolhand

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Quote Originally Posted by coolhand View Post
The bulls turned it right back around after Tuesday's decline.

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In fact, price on both charts closed at a higher high. Looking at the S&P 500, we can see that price is snugged up just under the 200 dma.

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Breadth remains positive (bullish).

I suspect that a test of the 200 dma is coming soon. Perhaps tomorrow for the S&P 500. That is a resistance point and price is also back in the upper end of a multi-week range (yes, it's biased higher).

I continue to believe that price will eventually vault above the 200 dma, but with NAAIM going neutral last Thursday I thought it might take more time. And maybe it still will if the bulls can't keep it going. We'll know soon enough. I remain neutral, but want to be a bull.

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