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  1. 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.

    Market Talk-spx-png
    Market Talk-dwcpf-png

    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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  2. 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.

    Market Talk-spx-png
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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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  3. 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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  4. Anyone Still Doubting the Bull's Resolve? Posted by Coolhand

    Quote Originally Posted by coolhand View Post
    After today's upside follow through of Tuesday big reversal (bottom), the odds just went up that fresh highs may be coming in the days ahead.

    Spell Checker is Finally Working-spx-png
    Spell Checker is Finally Working-dwcpf-png

    Both charts show price poised to challenge previous all-time highs. Momentum looks like it may be getting ready to turn back up. Strength has certainly turned higher and volume was on the robust side. It sure looks like a bottom is in. Now price has to test overhead
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  5. Bulls Counter Another Downside Push - Posted by Coolhand

    Quote Originally Posted by coolhand View Post
    The bears got an early jump on the bulls again today, taking price lower at the open, but the bulls didn't wait long to bottom out the selling pressure and slowly push price higher.

    Market Talk-spx-png
    Market Talk-dwcpf-png

    By the end of the day, the S&P 500 had erased all losses (on the day) and actually closed modestly positive. The DWCPF came close to doing the same thing, but closed moderately lower. Both indexes show price coming near the
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