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Coolhand's Market Analysis

Back and Forth Action Continues - Posted by Coolhand

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Quote Originally Posted by coolhand View Post
The back and forth action (and volatility) continued today. Price diving into the close certainly doesn't make me bullish for Wednesday.

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Not much to say about the charts. Price is in a range now between rising support and overhead resistance. I tend to think the action favors the bulls beyond the short term; mainly because it is a bull market and the bears have not been able to do more than moderate short-term damage.

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It's much the same with breadth. It's technically bullish, but moving sideways.

The late day swoon into the close has me thinking we may see another test of the 50 dma soon, though not necessarily. The selling has been more persistent than we've seen in some time, but the bulls have countered much of it to a relative standstill. I'm guessing we will see more of the same tomorrow. I remain neutral.

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