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Coolhand's Market Analysis

Another Battle - Posted by Coolhand

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coolhand
, 09-16-2020 at 07:11 PM (275 Views)
Quote Originally Posted by coolhand View Post
The bulls came out early and strong again today, but like yesterday the bears mounted an attack to drive price back down. We ended up with a mixed close, but it's the bulls I have to give the nod to because they are holding price above the 50 dma to this point.

Attachment 47191
Attachment 47190

Price remains not terribly far above the 50 dma. A retest of the 50 dma is still very possible. Momentum dipped on the S&P.

Attachment 47192

Breadth actually ticked a bit higher and remains bullish.

NAAIM reports tomorrow. We'll soon know if they've shifted in either direction. I'm anticipating some degree of a bullish shift, but that's just a hunch.

I remain neutral.

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