Bulls Making a Stand - Posted by Coolhand

The bulls made it clear today that they are not just going to stand around and get pounded by the bears. That's really not a surprise to me, which is why I said in previous posts that I can't be sure how this plays out. It's not just financial indicators I'm looking at as I watch this battle for control of price. This battle goes beyond the financial bedrock of the market itself. I alluded to this the other day and it's why I take the bearish NAAIM reading seriously. It doesn't guarantee a decline, but it sure does raise the odds.

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So, while the rally feels good it hasn't proved that the bulls have control (yet). Support at the 50 dma does remain intact to this point.

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Breath actually flipped positive on the rally.

So, there's hope that the bulls have turned the market, but not a lock. Not with a bearish NAAIM reading. We need more confirmation.

I am remaining bearish for now. The rest of this week may answer the question of whether the bulls have wrested control back or not.