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Coolhand's Market Analysis

Another Test in Progress - Posted by Coolhand

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Quote Originally Posted by coolhand View Post
The bears put up a fight last week to keep price from trending higher. I had said over the past week or so that the rising 50 dma was nearing a positive cross of the 200, which is technically bullish. This is certainly not lost on the bears, who are trying to turn this market around (lower). The 200 dma is also a key area in this fight.

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Volume was elevated on Friday as price closed below the 200 dma on both charts. This is a another test of support. The trend is up, but a battle is in progress to change that. Momentum is falling

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Breadth flipped negative on Friday's action.

TSP Talk sentiment came in neutral, which is not surprising. NAAIM was moderately bullish on Thursday.

The up and down action the past few weeks has traders and money managers running in both directions. With price now below the 200 dma once again, we may very well see the bulls mount another upside attack. NAAIM supports this possibility. I think we can expect more volatile action in the current market environment.

I remain bullish, but what happens this week may change my sentiment. We'll see how it goes.

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