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Coolhand's Market Analysis

Bulls Driving Price Higher - Posted by Coolhand

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coolhand
, 10-09-2020 at 03:42 PM (561 Views)
Quote Originally Posted by coolhand View Post
The bulls closed out a great week with even more gains on Friday.

tsp and roth-s-p-500-png
tsp and roth-dwcpf-png

Price on the S&P 500 is pulling away from the 50 dma, but resistance looms at the previous peak. Price on the DWCPF has already sliced through resistance at its previous peak and continues to probe higher with no overhead resistance. Upside momentum continues to rise.

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Breadth ticked higher on Friday and remains bullish.

I have a strong feeling the bulls may find a way to continue driving price higher as we push toward the November elections. That doesn't mean straight up, but the timing of this rally is interesting. NAAIM came in modestly bullish yesterday and that is what we want to see if we're long stocks.

I remain bullish.

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