Coolhand's Market Analysis

Originally Posted by coolhand

The market started out positive again today, but it quickly headed south, struggling in choppy trade all the way into the close. Both the S&P and DWCPF closed out in negative territory.




So, we have weakness in the short term (to this point), but no technical damage worthy of concern. Momentum is now falling on the DWCPF, but still flat on the S&P. I note that RSI on the DWCPF has fallen out of overbought territory.



Cumulative breadth was also weak today, but remains bullish.

The after-market is flat as type this. The reality is that the selling we are currently seeing is not unusual or even unexpected. It's just weakness, which may be setting up for another push higher. Keep in mind that the smart money was bullish, so I'm not anticipating a change in market character right now. We'll see how things go as we go further into the week.

I remain bullish.