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Coolhand's Market Analysis

200 Day Moving Average Reclaimed - Posted by Coolhand

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Quote Originally Posted by coolhand View Post
Yesterday, I said that since price fell (closed) below the 200 dma that the bulls may mount another upside attack. Sure enough, the week started out with a rally that pushed price back above the 200 dma. Maybe there's more.

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So, price has now closed above the 200 dma on both charts, but not by a lot. Momentum has not yet turned back up either, but it's a start if the bulls continue to press. I still think we may be in for a battle.

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Breadth got back into a positive configuration, but with price more or less tracking sideways (in volatile fashion) over the past 3 weeks or so, it doesn't mean a whole lot.

I suspect the battle over control of price will continue. If the bulls can push price to a new high, which is still at least 150 points higher, it may weaken the bears resolve. I do believe we get there eventually.

I remain bullish, but not complacent.

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