Bulls Win One, But Picture Still Murky - Posted by Coolhand

The bulls pushed the market higher on Thursday, but I don't think we have any more clarity about the days and weeks ahead.

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Both the S&P and DWCPF posted good gains. Price remained above the 50 dma on the S&P, but has yet to retest resistance at that level on the DWCPF. Momentum is trying to turn up, but it's been a struggle. RSI is near neutral on both charts.

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Cumulative breadth poked back over the 21 day EMA, which technically puts it back to a bullish condition, but it's been almost 2 weeks since this signal hit a fresh peak, so I can't get overly excited about further upside potential just yet.

NAAIM came in largely unchanged, which means they remain bearish. You might think they would be shorting the market with this reading, but they are not positioning themselves for bearish action with any conviction, so they seem to be taking a wait and see approach without taking unnecessary risk.

So, both charts continue to paint a different picture. While the S&P remains technically bullish, the DWCPF remains neutral. It can go either way, but the smart money is not leaning toward a bullish outcome. They are also not confident enough in their sentiment to bet on it.

Like NAAIM, I remain bearish, but not with significant conviction.