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Coolhand's Market Analysis

DWCPF Slides Again, But Will Support Hold? - Posted by Coolhand

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coolhand
, 04-19-2021 at 05:57 PM (620 Views)
Quote Originally Posted by coolhand View Post
The market took a step back today.

7 Oct 04 Worse Day of the Year - Market Timer Back-spx-png
7 Oct 04 Worse Day of the Year - Market Timer Back-dwcpf-png

Once again, the DWCPF got the worst of the selling. We can see in the chart that price kissed support at the 50 dma and backed off (up) from that level. For the moment, it's a successful test. But will it get tested again and if it does will it hold?

7 Oct 04 Worse Day of the Year - Market Timer Back-nyad-png

Cumulative breadth fell today, but the signal remains above the key averages (bullish).

We'll have to watch how price reacts around the 50 dma on the DWCPF. That's the one real concern that I have. The S&P remains solidly bullish.

I remain bullish on the S&P and modestly bullish on the DWCPF, but that index has to stay above support.

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