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Coolhand's Market Analysis

50 dma Needs to be Retaken - Posted by Coolhand

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Quote Originally Posted by coolhand View Post
The bulls fought back on lighter volume to close with a gain today.

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The 50 dma was not retaken, but it isn't far under that key average. It's possible it may act as resistance given price has been below that average for 3 days now (on the S&P 500).

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Breadth ticked higher, but remains bearish.

We're just going to have to see if the bulls can consistently fight back. They need to push price back above the 50 dma soon or it might get tougher to retake it in the short term.

I remain neutral to modestly bearish.

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