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Coolhand's Market Analysis

Bulls Make a Statement - Posted by Coolhand

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coolhand
, 11-16-2020 at 04:09 PM (445 Views)
Quote Originally Posted by coolhand View Post
Today's positive action produced fresh closing highs on both the S&P 500 and DWCPF. It's getting real for the bulls. The up-leg may be in progress (maybe).

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Both charts got more bullish today. Momentum is still rising. The DWCPF is near overbought territory (RSI). I would not get overly concerned with "overbought" just yet. The market may be just beginning to breakout after a short period of volatility.

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Breadth is screaming to the upside right now. I can't ignore that any more than I can ignore a bullish NAAIM reading.

I have a hunch that this market could get silly to the upside. I can't predict it, but I would not be surprised with a rally that has even the bulls shaking their heads. I'm looking forward to seeing how this actually plays out.

I remain bullish.

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