Coolhand's Market Analysis
Encouraging Signs, But Still Neutral - Posted by Coolhand
by , 10-04-2020 at 03:35 PM (628 Views)
Originally Posted by coolhand
The bulls lost some ground on Friday, but they did close out the week with gains on C and S funds.
Price closed back under the 50 dma on the S&P 500, but remained above that average on the DWCPF. This remains the battleground area for the time being.
Breadth is positive and actually advanced on Friday. This is a good sign for the bulls even as the S&P struggles a bit.
So, the charts are looking okay for the most part, but obviously the market is not out of the woods. NAAIM was modestly bearish late last week and until they start getting more bullish I think the market may continue to struggle. TSP Talk came in bullish. More so than I would have expected.
Overall, the bulls are doing a good job of holding off the bears and have even been making headway in turning price back up. But as I said, the market is still not out of the woods.
I remain neutral, but encouraged.
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