Coolhand's Market Analysis
Bears Make Their Presence Known - Posted by Coolhand
by , 06-24-2020 at 05:50 PM (552 Views)
Originally Posted by coolhand
The battle over the 200 dma is back in focus again as stock prices fell sharply lower today.
The 200 dma did not get tested on the SPX, but it did come close. The DWCPF shows that price did fall under it intraday, but managed to close pretty much right on it. Momentum is falling.
Breadth took a hit and is now neutral.
NAAIM reports tomorrow.
I don't get the impression that this market is going to find it easy to get back to new highs. The are battle lines drawn in the political sphere that can impact our financial health (positively or negatively). So, what I am saying here is that we may have more surprises (volatility) in the weeks ahead as the election draws ever closer. That may sound bearish, but that's not necessarily so. It just depends on control and so far the bulls have had that control.
I remain tentatively bullish till I see that next NAAIM reading.
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