Coolhand's Market Analysis

Originally Posted by coolhand

The market was doing well until about mid-day when price weakness began and then continued into close, picking up some steam on the way down. I cautioned yesterday that while I was bullish the market could pullback at any time. So we got a pullback today, but it remains to be seen if there's more downside in store in the short term.




The S&P 500 lost more than 1% and fell back to its recent short-term trading range. Price on the DWCPF fared better than it's counterpart and lost less than 0.4%. The S&P continues to lag the DWCPF. While upside momentum has still not turned on the DWCPF, it has gone flat on the S&P.



Breadth was weak on the day for the NYSE, but it still remains bullish.

I did not see any particular headline today that was used as a reason for the selling, but the market doesn't always need one. Tomorrow, we get our weekly NAAIM reading, so we'll see how much the smart money has shifted their collective stance on the market.

I remain bullish.