Coolhand's Market Analysis

Originally Posted by coolhand

Yesterday, the indicators were suggesting that a bottom may not be in. I didn't expect serious selling, just enough selling to flip other signals to bearish before turning back up. But Wednesday's rally turned everything right back up.




Price on the S&P retraced more than half of the previous 2 days of losses. Price on the DWCPF pushed back above support at the 50 dma and closed their as well. It still has a lot to prove, however, given it's trading in a range.



Breadth turned back up smartly and remains bullish.

Today's action was decidedly bullish. I'm still more comfortable with the S&P vice the DWCPF as far as price advancing, but we'll see how things play out for another day or two. NAAIM reports tomorrow.

I remain neutral, but if the market follows through on today's rally and NAAIM remains bullish, I'll probably get bullish as well. Let's see what happens.