Coolhand's Market Analysis

Originally Posted by coolhand

The bears made it 2 in a row on Wednesday as price fell back once again.




Support at the 50 dma continues to hold. This is more or less the 3 test of support in this area. Momentum is falling. Volume was on the average side.



Cumulative breadth, while negative today, wasn't overly negative. The signal did not move lower by much, which is interesting. It's a neutral signal at this point. The 21 EMA is now flat.

Which way will price eventually break? Well, you should generally go with the trend, which means the break is likely to be up.

NAAIM reports tomorrow. I remain neutral.