This is the kind of BS that rattles things imo
https://www.cnbc.com/2019/02/14/mark...es-bianco.html
That and other media crap from Cramer.
We went red due to Retail numbers.
https://www.cnbc.com/2019/02/14/stock-market.html
[COLOR=#0000ff][FONT=comic sans ms][I]"In the land of idiots, the moron is King."--Unknown[/I][/FONT][/COLOR]
More correctly, we started falling due to the retail numbers. When it crossed into red is not really the issue.
[COLOR=#0000ff][FONT=comic sans ms][I]"In the land of idiots, the moron is King."--Unknown[/I][/FONT][/COLOR]
The battle at the 200 dma continued on Thursday.
S&P 500.png
DWCPF.png
Can the bulls push price over the top? My expectation is that they will; even if only temporarily.
This evening, the options are neutral. NAAIM was relatively unchanged, which supports the bulls. TRINQ is bearish. Breadth is bullish.
I think the battle will probably continue on Friday, but eventually I expect price to resolve higher before a possible reversal.
I got the upside breakout I was looking for on Friday. Price has now closed about the 200 dma on both charts. I said that we might see a reversal soon after the break, but the operative word is "might".
S&P 500.png
DWCPF.png
Looking at the charts, we see a largely continuous rally since shortly after Christmas, with modest dips along the way. Momentum is positive, but weakening (that's not necessarily bearish). RSI is about overbought, but that's not necessarily bearish either; only a potential warning. Breadth is quite bullish and that a huge plus in the bull's favor. NAAIM is bullish (smart money). The options are neutral. TSP Talk is neutral (we're bullish overall).
I have no reason to expect any serious selling pressure given the current technical or sentiment picture. For now, I am remaining bullish.
Upward bias continued today.
DWCPF.png
S&P 500.png
The options are leaning a bit bearish this evening. Breadth remains quite bullish. I have no change to my current perspective, which is bullish.
Choppy day. No change from yesterday's perspective.
The market dished out moderate losses today, but it did nothing to alter its bullish disposition.
S&P 500.png
DWCPF.png
We can see that price did not test the 200dma. It isn't far from it, so maybe we'll get a test soon.
The options are neutral this evening. NAAIM came in a bit less bullish, but not nearly enough to take it out of its overall bullish stance. My intermediate term system remains positive. Breadth remains very positive.
Really, the bulls continue to own the market right now. We're overbought and the charts and indicators are extended, but I would not bet against the bulls while NAAIM remains solidly bullish.
So, price has now been above (and rising) the 200 dma on both charts for several days. That key average may now be support (should it get tested). But more importantly, we are seeing more evidence that this bull is still very much alive.
S&P 500.png
DWCPF.png
The charts remain bullish, albeit extended. But that's not too much of problem given it was extended to the downside about 2 months ago. Still, RSI is overbought (for what that's worth).
The options are neutral for Monday. NAAIM remains bullish. TSP Talk is decidedly bullish, which used to be bearish a long time ago so I don't key on it as much as I once did. NAAIM is my primary sentiment indicator these days.
Breadth remains very bullish and still rising.
So, my perspective remains bullish. In fact, I am not seeing any reason to fear a bear market like I did prior to this rally. We got a minor bear market late last year and the bulls stomped it after just a few months.
It's ALIVE!
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EFA (I Fund) (delayed) (Stockcharts.com Real-time) |
BND (F Fund) (delayed) (Stockcharts.com Real-time) |
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