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Coolhand's Market Analysis

The Bulls Push Back

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Quote Originally Posted by coolhand View Post
The bears tried to press their downside pressure, but the bulls finally stepped in and drove price back into positive territory.

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The 50 dma did not get tested, but close may be enough. I suspect a bottom is in for the moment, but the battle is likely to continue over the days ahead.

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Breadth remains negative.

NAAIM came in neutral, which I think bodes for continued back and forth action. They are neither bullish or bearish, so I am not looking for major moves in either direction at this time.

I think the bulls may apply more upside pressure in the short term, but I am now leaning neutral overall.

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