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Coolhand's Market Analysis

Test at the 50 dma in Progress - Posted by Coolhand

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Quote Originally Posted by coolhand View Post
The bulls had their way with the market today, tacking on significant gains that has price now testing the 50 dma.

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

We can see that price closed right on the 50 dma on the S&P 500 and just above it on the DWCPF. What we need to see is a continued push past that average (not necessarily in the short term) to help firm it up as support. Note that resistance at the 3500 area of the S&P (February peak) is not far above right now. Momentum is starting to turn back up.

Market Talk-nyad-png

Breadth also rose and is now neutral. Note that the 21 day ema is starting to negatively cross the 39 day ema. That would be bearish if it continues to move in that direction (if the bulls keep pushing price higher, that should not be a problem).

So, the bulls wasted no time testing the 50 dma. Now, I have to see whether or not they can successfully push it higher and hold it.

I am moving to a neutral sentiment.

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S&P500 (C Fund) (delayed)

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DWCPF (S Fund) (delayed)

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EFA (I Fund) (delayed)

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BND (F Fund) (delayed)

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