Coolhand's Market Analysis

Originally Posted by coolhand

Wednesday's market action wasn't much different than we've seen of late; early strength followed by weakness. Price was up and down, but by the close the indexes were down on the day.




It's obvious there's a battle going, but so far the bulls have contained any serious technical damage to the charts. It's worth noting that overbought conditions more than a week ago are well out of overbought territory now.



Breadth is still technically bullish, but like the charts it's under pressure.

Am I surprised by the weakness? Yes. And I suspect the money managers at NAAIM may be too. They report tomorrow with the fresh sentiment reading.

I am remaining bullish, but that may change depending on the NAAIM reading.