Coolhand's Market Analysis

Originally Posted by coolhand

Price on the S&P 500 reversed yesterday's losses and closed at another high for this up-leg. It's in an area of resistance, but given the DWCPF just hit an all-time high I suspect the S&P 500 will find a way to push past this resistance.




Maybe the market doesn't exactly feel bullish, but these charts (especially the DWCPF) say that it really is on the bullish side to this point. The all-time high achieved by the DWCPF is hard to argue with. Perhaps it the wall of worry keeping the market on an upward track.



Breadth is hard to argue with too and we can see that it is stretching to the upside.

NAAIM reports tomorrow and it will very interesting to see how they are now positioned given they were leaning bearish late last week.

I am moving from modestly bullish to bullish.