I'd like to thank DreamboatAnnie for posting the S&P 500 and DWCPF chart links in her account thread for me to access. It sure helps to have some navigation tools I'm familiar with.
The main thing about the charts I'd like to point out this evening, is that price on the DWCPF closed at its 50 dma. It did not make any serious attempt to push past it (yet), but at least it tagged that key average. We'll have to see if it can jump the creek now.
Cumulative breadth on the NYSE is still rising (bullish).
The OEX is neutral this evening as is the CBOE. No help there.
Not all that much has changed with today's action. I've been giving the bulls the nod since they have breadth in their favor and no one is actually bearish. The neutral sentiment may actually be helping the bulls as many do not seem to have strong expectations either way. So the wall of worry does seem to be in play.
I remain modestly bullish, but we need to see the DWCPF clear that 50 dma.
Don't take my comments as trading advice /IFT: 2-13-24=100G/https://www.theepochtimes.com/ & http://www.ewg.org/PermaCharts@p430#5159/strategy#4918p.410
Yesterday, I said the following:
"I've been giving the bulls the nod since they have breadth in their favor and no one is actually bearish. The neutral sentiment may actually be helping the bulls as many do not seem to have strong expectations either way. So the wall of worry does seem to be in play."
Indeed. Today's action was lopsided in the bulls favor. Price on the DWCPF shot well past resistance at the 50 dma. The market closed pretty much at their highs of the day. That's decidedly bullish. Breadth, which was already bullish, is looking even more so. It's possible this move has legs. Does the S&P 500 test its previous highs? It might. We'll have to see.
This evening, the OEX is bearish, while the CBOE is bullish. That's not much help as they offset. Having said that, a pullback makes sense after today's shot to the upside. And it would be healthy if we get it.
The bulls remain in charge. NAAIM reports tomorrow.
Thank you for your continued insight coolhand!
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Aaahh my daily tonic..keep coming back. Aloha
Not much changed today as far the indicators and sentiment go. The S&P tacked on more gains, while the DWCPF remained flat. The options are neutral again, but NAAIM came in more bullish. Not as bullish as they were months ago, but they are not indicating anything serious as far as the downside goes. In other words, I think we continue to melt up, pullbacks notwithstanding.
Agreed..half my chips go in the pot COB.
Despite toppy action over the past few days, the bulls steadily clawed their way higher. Both the S&P and DWCPF have price above their respective 50 and 200 dma's. However, price on both charts remain below previous highs, so there is still resistance above.
Breadth, while bullish, looks toppy. But toppy can last for weeks. Other indicators are not stretched, so there is room for price to move higher still.
NAAIM did come in more bullish, but not all out bullish, so I am not sure if we'll see price power higher or simply melt up. I suspect the latter. The options are neutral. TSP Talk is quite bullish again. That doesn't mean as much as it used to.
The bulls remain in charge. Sentiment is neutral to modestly bullish overall. Breadth is bullish. Now we need to see if price can cut through what is left of resistance. For what it is worth, I suspect the market will eventually hit fresh highs.
It’s worth a lot Cool. Thanks.
Thanks Cool for your insight we really appreciate all you do here!
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The market closed mixed today, with the S&P shedding a modest amount and the DWCPF rising modestly. This action continues to have a toppy feel to it.
Breadth, while still bullish, was flat. This evening, the OEX is bearish, while the CBOE is neutral.
We already know that NAAIM is at least modestly bullish, so any downside would seem limited. The OEX suggests it may be time for another dip. I would caution that there seems to be a lot for bad news out there right now (okay, more than usual), so we could melt up anyway. Futures are modestly positive as I write this.
The bears tried to get something going today, but it was not to be as the bulls held their ground. Feels like a "melt up" doesn't it?
Breadth remains bullish. The options are neutral. I have nothing compelling indicating the action for Wednesday, so I'm neutral to modestly bullish.
S&P500 (C Fund) (delayed) (Stockcharts.com Real-time) |
DWCPF (S Fund) (delayed) (Stockcharts.com Real-time) |
EFA (I Fund) (delayed) (Stockcharts.com Real-time) |
BND (F Fund) (delayed) (Stockcharts.com Real-time) |
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