The bulls managed to string together 2 consecutive days of upside in a row. Is this the start of a sustained move higher? It's too early to tell, but I'm not a believer to this point.
S&P 500.png
DWCPF.png
The gap higher at the open is a bit suspicious. Price closed off the highs of the day too. Momentum has turned up, however. Can the S&P 500 test its 200 dma? That's significant resistance at this point, so we'll have to wait and see if it makes a run at it.
Breadth was not impressive today despite the rally, though it did turn up (still negative overall). The options are looking neutral for Thursday. NAAIM reports in the morning.
The market still has some work to do to convince me the bulls can retake control of market direction. I remain skeptical longer term (bearish), but neutral in the short term.
Bookmarks