Battle at Resistance - Posted by Coolhand

We got another test at resistance (50 dma) today.




Early on in the trading day it appeared the bulls might have a great day and successful test. Instead, they had an okay day and a tentatively successful test as the bears managed to push price back down in afternoon trade. Price closed above the 50 dma on both charts. The problem is it did so only marginally. This is not a convincing test and only shows that the 50 dma is a battleground area. It could go either way right now. Volume was low on the last day of the quarter.



Breadth rose and is neutral once more.

I don't have any insight on where this market goes in the short term. It seems to be in neutral right now. We get a fresh NAAIM reading tomorrow. Maybe that reading will give us a better idea.