And Then Wednesday Happened - Posted by Coolhand

Yesterday, the indicators were suggesting that a bottom may not be in. I didn't expect serious selling, just enough selling to flip other signals to bearish before turning back up. But Wednesday's rally turned everything right back up.

View attachment 48975
View attachment 48974

Price on the S&P retraced more than half of the previous 2 days of losses. Price on the DWCPF pushed back above support at the 50 dma and closed their as well. It still has a lot to prove, however, given it's trading in a range.

View attachment 48976

Breadth turned back up smartly and remains bullish.

Today's action was decidedly bullish. I'm still more comfortable with the S&P vice the DWCPF as far as price advancing, but we'll see how things play out for another day or two. NAAIM reports tomorrow.

I remain neutral, but if the market follows through on today's rally and NAAIM remains bullish, I'll probably get bullish as well. Let's see what happens.