Bears Having Trouble Holding Down Price - Posted by Coolhand

The bears tried to take the market down today, and while they had some success it was limited. Small caps got hit hard early, but the bulls countered with buying pressure; erasing about half of the losses on the DWCPF by the close. The bulls also managed to bring price back near the neutral line on the S&P.

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Overall, we have limited damage on the charts. I would argue we don't really have any if we allow the market to breath a bit. Today was an exhale. However, I don't know if we have a bottom either, so the downside pressure may not be over just yet.

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Cumulative breadth struggled a bit again today, but it's really holding up fairly well and does remain bullish; albeit under pressure.

NAAIM reports tomorrow, so we'll see if they are still as bullish now as they were a week ago. Till then, I remain bullish.