Coolhand's Market Analysis

Originally Posted by coolhand

The bulls made it clear today that they are not just going to stand around and get pounded by the bears. That's really not a surprise to me, which is why I said in previous posts that I can't be sure how this plays out. It's not just financial indicators I'm looking at as I watch this battle for control of price. This battle goes beyond the financial bedrock of the market itself. I alluded to this the other day and it's why I take the bearish NAAIM reading seriously. It doesn't guarantee a decline, but it sure does raise the odds.




So, while the rally feels good it hasn't proved that the bulls have control (yet). Support at the 50 dma does remain intact to this point.



Breath actually flipped positive on the rally.

So, there's hope that the bulls have turned the market, but not a lock. Not with a bearish NAAIM reading. We need more confirmation.

I am remaining bearish for now. The rest of this week may answer the question of whether the bulls have wrested control back or not.