Bulls and Bears Battle Again - Posted by Coolhand

Once again, the market started out on the strong side only to see selling pressure manifest later in the trading session.

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The selling pressure erased sizable gains on the S&P 500, but that index still managed to post moderate gains by the close. The DWCPF closed with a modest loss. Overall, it wasn't a bad day for the bulls, but they have not been able to mount an upside attack without the bears countering their efforts.

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Breadth ticked higher and is leaning bullish once more.

So far, the bullish NAAIM reading hasn't resulted in the kind of action I generally expect to see within the first 3 days of the survey, but that doesn't mean the signal is a bust (necessarily). It just may need more time, but another reading is only a couple of days away.

I remain bullish for now.