The bulls had control for pretty much the whole day today. And it was a more even rally, which we really needed.
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Price on the S&P gapped higher at the open and never really looked back. Price on the DWCPF also gapped higher, but was almost immediately hit with selling pressure that drove it down quickly in short order. That selling pressure got bought not long after it started and the DWCPF continued on a choppy, but productive day. The DWCPF is still hitting resistance, but today's action gives the bulls hope that fresh highs may be coming before too much longer (that's not a prediction).
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Breadth looked much better too, which was not a surprise given the rally in the DWCPF. The signal remains bullish.
NAAIM came in more bullish today and leveraged shorts were not much in evidence. That's a green light for the bulls as far as this sentiment indicator goes.
I remain bullish on the S&P and will go modestly bullish on the DWCPF given today's rally and NAAIM bullish stance. It does still need to cut through resistance, but this does remain a bull market and it did show some life today.
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