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  1. Bears Have the Momentum - Posted by Coolhand

    Quote Originally Posted by coolhand View Post
    The bears broke through support today and price closed well under the 50 dma on both charts.

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    We can also see that price closed off the lows of the day. That may not mean much in the context of a bearish NAAIM reading. Momentum accelerated to the downside. Volume was up. I was asked if a switch has been flipped. I was not ready to embrace that notion the way I did over a year ago, but yields are now
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  2. Support Gets Tested Again - Posted by Coolhand

    Quote Originally Posted by coolhand View Post
    The bears made it 2 in a row on Wednesday as price fell back once again.

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    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.

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    Cumulative breadth, while negative today, wasn't overly negative. The signal did not move lower by much, which is interesting.
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  3. Back and Forth Action Continues - Posted by Coolhand

    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
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  4. Bulls Send Price Higher - Posted by Coolhand.

    Quote Originally Posted by coolhand View Post
    And just like that price is back to resistance, so the volatility remains.

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    Momentum may be starting to turn. Price certainly bounced hard, but volume was only so-so.

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    Cumulative breadth bounced back into positive territory. While it may be technically bullish again, it is still in a sideways pattern, so like the stock indexes, it has yet to
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  5. Bears Making Their Presence Known - Posted by Coolhand

    Quote Originally Posted by coolhand View Post
    Before I get into my usual post, I want to address something I said last week because I find it interesting and perhaps even instructive. When the TSP Talk survey was released last week, I said the following:

    "The TSP Talk sentiment survey came in bearish this week. That's diametrically opposed to NAAIM. We don't do that often. In fact, as I've stated in past posts, I don't treat our sentiment survey as dumb money. Not when we are collectively aligned to the NAAIM reading as often
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