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Coolhand's Market Analysis

Another Shoot Out - Posted by Coolhand

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coolhand
, 07-31-2020 at 03:52 PM (512 Views)
Quote Originally Posted by coolhand View Post
We got another shoot out today, with the bears once again striking early, but the bulls countering later in the trading session to send price back near the neutral line (mixed).

Market Talk-s-p-500-png
Market Talk-dwcpf-png

The market is in a range around the June high. Momentum is flat.

Market Talk-nyad-png

Breadth dipped again and you can see that this chart is ragged, but biased higher (and bullish).

So, the action is not inspiring to bulls or bears, but the bulls are showing a lot of resilience. And as we saw with the latest NAAIM reading yesterday, the smart money expects the bulls to eventually win and march price higher.

I remain bullish.

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