The selling continued today as did pressure on the oil market. But this selling still has a "controlled" feeling to it. I don't get the impression based on the action that the bears can keep this going.
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So far, price has been rejected (resistance) at the 50 dma on the S&P 500. But we may have another bull flag started, so I would expect another test at some point. Having said that, momentum is rolling over, so the bulls need to step in soon. The DWCPF is in a short term trading range with price now testing the lower part of that range.
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Breadth is now definitively bearish.
I am going back to a neutral stance. I would not be surprised by a run to the upside again, but I also can't rule out more weakness.
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