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Originally Posted by coolhand

Much to the consternation of those sitting on the sidelines, the market made it 2 in a row today as the bulls pushed price back up near resistance once again.




Both charts show price not far under its previous high. A test sure looks likely. Momentum is rising, but not so you'd notice much.



Cumulative breadth ticked higher on the day and that

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Originally Posted by coolhand

I had suspected a bottom may be near, but thought it might be a few days yet before the market got solid upside traction. It was more like a few hours. The very next day the market reversed and tacked on sizeable gains.




Price snapped back to the upside off support at the 50 dma on both charts. Momentum halted its downward movement for now. Strength (RSI) ticked higher.

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Originally Posted by coolhand

I have not even looked at the stock market in more than a week, so let's see what we have.




Obviously, the past week was not favorable to the bulls. Price closed below the 50 dma on the S&P and is testing that average on the DWCPF. But I do see that the S&P hit a fresh, closing all-time high a few days ago. That didn't last long. Volume was also heavy on Friday. Momentum is falling on both charts and

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Originally Posted by coolhand

Still no lift-off in stocks, but the S&P did hit a fresh all-time, intraday high. It's sitting at or very near its all-time at the close. Resistance seems a bit stubborn, but the smart money is largely long, so it would seem just a matter of time before stocks begin another up-leg.




Nothing remarkable about today's trading activity. Both charts are struggling with resistance right now. Can the DWCPF push

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Originally Posted by coolhand

The S&P continued to tease the bulls with a potential upside break, but price remains very near the peak.




We can see price fell back today on the S&P, but fought back to resistance at the peak. Seems it may be coiling a bit for a move higher? Price on the DWCPF advanced again today and is now approaching the April high (resistance).



Cumulative

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