Coolhand's Market Analysis

Originally Posted by coolhand

As I said yesterday, the market was due for a pullback. Obviously, we got a pullback today.




Price didn't fall a lot, but weakness may not be over yet either. Volume is still on the low side. The 50 dma is now in the process of having a positive cross through the 200 dma. I am not anticipating that this by itself will drive a rally, but we should note that it is happening as it is bullish.



Breadth remains bullish, but did fall on the negative action.

So, price still remains caught between the June peak (about a month ago) and the 200 dma area. Maybe that 50 dma cross will have a more immediate impact than I am anticipating, but I'd rather see where NAAIM is when the next sentiment survey is released. I remain bullish.