View RSS Feed

Coolhand's Market Analysis

Bulls Counter Another Downside Push - Posted by Coolhand

Rate this Entry
Quote Originally Posted by coolhand View Post
The bears got an early jump on the bulls again today, taking price lower at the open, but the bulls didn't wait long to bottom out the selling pressure and slowly push price higher.

Market Talk-spx-png
Market Talk-dwcpf-png

By the end of the day, the S&P 500 had erased all losses (on the day) and actually closed modestly positive. The DWCPF came close to doing the same thing, but closed moderately lower. Both indexes show price coming near the 50 dma before reversing. It looks like a bottom may be in given the action, but we could see a second test of that key average. We'll have to see. Momentum is still falling. Volume has been rising of late, but it's still not significantly elevated.

Market Talk-nyad-png

Breadth, while not rising, isn't falling apart either. The signal is still technically bullish given it remains above the 2 tracking EMAs, but we can also look at it as neutral overall over the past couple of weeks or so.

We'll have to see if a bottom is indeed in or not. If price heads back to the 50 dma area then we may be in for another test. A failure in the short term may be a head fake for the bears. But if the selling doesn't stop after the initial failure, we may have something else going on. It could take several days before we know, but it could happen sooner too.

I remain bullish, but wary.

Submit "Bulls Counter Another Downside Push - Posted by Coolhand" to Digg Submit "Bulls Counter Another Downside Push - Posted by Coolhand" to del.icio.us Submit "Bulls Counter Another Downside Push - Posted by Coolhand" to StumbleUpon Submit "Bulls Counter Another Downside Push - Posted by Coolhand" to Google

Categories
Uncategorized

Comments


S&P500 (C Fund) (delayed)

(Stockcharts.com Real-time)
DWCPF (S Fund) (delayed)

(Stockcharts.com Real-time)
EFA (I Fund) (delayed)

(Stockcharts.com Real-time)
BND (F Fund) (delayed)

(Stockcharts.com Real-time)

Yahoo Finance Realtime TSP Fund Tracking Index Quotes