Consolidation Continues - Posted by Coolhand

The bears hit the gates running today, but the bulls countered with buying pressure by late morning into early afternoon. It was not enough. Buying pressure peaked in mid-afternoon and price fell all the way into the close.

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The selling is still out of the ordinary. The charts are showing a short term (to this point) dip after a multi-day rally starting at the beginning of the month. The 50 dma is still below and may be a target for a turn. Volume was a bit more elevated from previous days.

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Cumulative breadth barely dipped and is moving sideways.

So the market is continuing to consolidate gains after the recent run-up in price. The selling may not be over and we'll have to keep an eye on the 50 dma should price fall that far.

I remain bullish overall.