Coolhand's Market Analysis

Originally Posted by coolhand

The bulls turned things around today as stocks started out mixed, but began to rally by mid-morning eventually closing out the day with good gains.




I note that price on the S&P 500 came very close to testing the 50 dma before reversing. Price on the DWCPF has held its position well above its respective 50 dma.



Breadth ticked higher and remains bullish.

To this point, it remains uncertain if today's rally finally broke the string of weak trading days, but the smart money remains long stocks.

NAAIM came in bullish today, though not quite as bullish as last week. I do not see much shorting going on by this group, so that's telling as well. Based on this reading, it seems it may simply be a matter of time before the market finds its feet once again. Maybe today was the beginning. I get the impression that the market may be waiting for something to happen.

I remain bullish.