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Coolhand's Market Analysis

Where are the Bulls? Posted by Coolhand

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Quote Originally Posted by coolhand View Post
The technical picture got more bearish today as the bears hammered price lower.

Counting on a Bush Fire-s-p-500-png
Counting on a Bush Fire-dwcpf-png

It's looking more likely that the 200 dma is going to get tested. Momentum is negative. The market is not oversold (just an observation).

Counting on a Bush Fire-nyad-png

Breadth fell along with price. It remains a bearish indicator.

Today's action was decidedly bearish. The market opened with modest gains and went downhill from there. This makes it more likely (not a certainty) that we'll see a more bearish reading from NAAIM, which reports tomorrow.

My gut feeling is that a bottom may not be near. And if price does test the 200 dma, that key average may not hold. This is more than a financial battle, which is what concerns me. I also do not like that precious metals (crypto too) are getting hammered. This is also part of the overall battle. It's possible that the bulls may elect to wait for the bears to expend their ammunition before waging a serious counter (under the circumstances) and that may mean price goes much lower from here. This is not a prediction, it's just a possibility.

Let's see where NAAIM is tomorrow and whether the 200 dma becomes a factor. My bearish leanings are gut feelings at the moment (based on bearish action), but the indicators have the final say.

I am flipping bearish as a result of the negative action and indicators.

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