Coolhand's Market Analysis

Originally Posted by coolhand

Yesterday, I said the market was due a pullback, but it may not be deep or last long. Today, we got a pullback and it wasn't deep, but whether there is more weakness remains to be seen.




The charts still look very bullish, though the S&P 500 still has overhead resistance at the September peak.



Breadth dipped, but remains bullish.

We'll have to see if the bears can continue to put pressure on price, but I have a feeling there may be a floor under this market right now. Where that floor is I don't know, but I doubt it's lower than the 50 dma; if price can even be driven that far (I doubt it). In fact, we could see the bulls turn the market back up before long. The DWCPF hitting all-time highs this past week is not something I can ignore and I still think the S&P 500 joins that index sooner or later with new highs.

I remain bullish.