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Coolhand's Market Analysis

Bears Strike First, but Bulls Counter - Posted by Coolhand

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Quote Originally Posted by coolhand View Post
The bears jumped on the market at the open, gapping price lower after the opening bell. But they couldn't press the downside as the bulls were able to begin recovering the market after about an hour of trading.

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And while the bulls weren't able to get the indexes into the green, they didn't close it all that far below the neutral line either (resilience).

Breadth dipped, but remains bullish.

The latest sentiment reading from NAAIM showed little change (bullish), but I did note that the bears among them reduced their short exposure. This group is very bullish overall.

The upside bias remains, but the back and forth battle for control of market direction continues. The smart money says the bulls will continue to win that battle (eventually).

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