coolhand's Account Talk

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It was a choppy back and forth kind of day on Tuesday, but one that had the bulls slowly lose ground into the close.

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DWCPF.png

So far, resistance is holding on both charts. Momentum, which was rising, stalled. It doesn't mean a whole lot just yet other than the bulls have some work to do to push price through those resistance areas.

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Breadth dipped, but remains bullish.

It's still a game of wait and see. Is resistance going to hold or will the bulls find a way to push through it?

I remain modestly bearish for now.
 
The bulls managed to capture some gains today, but it wasn't an even day.

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DWCPF.png

Price on the S&P was only up modestly. It is pushing against resistance and there's still more above today's close. Price on the DWCPF actually pushed past and closed above its 50 dma. That's a big deal, but it's only one day and there is more resistance above. Momentum is rising on both charts, but strength isn't exactly robust.

NYAD.png

Cumulative breadth posted an all-time high on the NYSE on today's rally.

Well, the market is slowly recapturing ground on the upside. The fact that the DWCPF recaptured its 50 dma is a big win, but it needs to hold and the index still has more potential resistance to contend with. The S&P is also grappling with resistance. Still, it's hard to be bearish right now (wary is okay).

I am going from bearish to neutral. NAAIM reports tomorrow.
 
I am going to be away from my computer for the next week, maybe more. I do not expect to post for a little while. Have a Happy Memorial Day!
 
Thanks Coolhand! Enjoy your vacation. NAAIM up from 44 to 68 today so hopefully the smart money is correct and the market has turned the corner and is headed back up.
 
For all my TSP friends, acquaintances, and fellow investors; I would like to thank you all for you posts and wish you all a safe and happy holiday weekend. Remember what this holiday is all about. But also, remember it is one of the two most dangerous holiday weekends of the year. Please be safe. Thank you for all those who have sacrificed for us to be here today.
 
Looks like things haven't fallen apart while I've been away. Good. Hope everyone had a nice Holiday weekend last week.

The market opened the first week of trading with moderate gains on both the S&P and DWCPF.

SPX.png
DWCPF.png

Price on the S&P is now flirting with its previous all-time high. This is an area of resistance, but I don't think it's strong. Price should break out to the upside; perhaps this week. Maybe even Monday or Tuesday. We'll see. Price on the DWCPF has managed to stay above its 50 dma, but that's about it. It continues to trade in a multi-month range. Momentum isn't a factor on either chart. It's rather flat.

NYAD.png

Cumulative breadth on the NYSE is hitting fresh all-time highs and is bullish.

NAAIM has gotten progressively more bullish the past 2 weeks. Right now, they are bullish. Not overly bullish like they sometimes are, but just bullish. They are not shorting much at all. Longs appear to be leveraged. That's what we want to see if we're looking higher. TSP Talk sentiment is neutral.

The market hasn't really changed much (character) since I last posted. The S&P continues to look bullish beyond the short term, while the DWCPF treads water. We are in the weaker part of the 6 month cycle for what that's worth. I was neutral the last time I posted. I am going bullish on the S&P, but will remain neutral on the DWCPF.
 
It was a rather odd trading day to start off the week. The S&P fell hard at the open and fought back to close out the day with a moderate loss. On the other hand, the DWCPF hit the gate running and never looked back, closing with a solid gain over 1%.

SPX.png
DWCPF.png

Price on the S&P continues to test resistance at its all-time peak. The DWCPF closed at a fresh high on the current up-leg. Still plenty of resistance above, so we'll have to see how well it contends with that.

NYAD.png

Breadth remains bullish on the NYSE.

With a bullish NAAIM reading, I expect to see more upside in the coming days. I still think the S&P hits fresh all-time highs. The DWCPF has room to move higher, but can it push past all that resistance?

I remain bullish on the S&P, but neutral to modestly bullish on the DWCPF.
 
The S&P continued to tease the bulls with a potential upside break, but price remains very near the peak.

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DWCPF.png

We can see price fell back today on the S&P, but fought back to resistance at the peak. Seems it may be coiling a bit for a move higher? Price on the DWCPF advanced again today and is now approaching the April high (resistance).

NYAD.png

Cumulative breadth looks very good on the NYSE and remains bullish.

I remain bullish on the S&P and neutral to modestly bullish on the DWCPF.
 
It was a choppy day in the market today, which opened bullish and gradually went negative; especially in afternoon trade.

SPX.png
DWCPF.png

The S&P fell modestly, while the DWCPF fell moderately. No technical damage was incurred, but the DWCPF may be showing weakness in the face of resistance at its April peak.

NYAD.png

Cumulative breadth dipped, but remains bullish.

Even though the smart money is bullish this week, the market isn't exactly off to the races. Both charts are hitting resistance now. I remain bullish on the S&P and neutral to modestly bullish on a the DWCPF. Let's see if the bulls can push through the rough patch.
 
Still no lift-off in stocks, but the S&P did hit a fresh all-time, intraday high. It's sitting at or very near its all-time at the close. Resistance seems a bit stubborn, but the smart money is largely long, so it would seem just a matter of time before stocks begin another up-leg.

SPX.png
DWCPF.png

Nothing remarkable about today's trading activity. Both charts are struggling with resistance right now. Can the DWCPF push through it?

NYAD.png

Cumulative breadth ticked higher and remains bullish.

NAAIM came in a tad lower, but remains bullish for the most part. They are leveraged long, but not overly so. There is still some degree of caution even while they are bullish.

Given the bullish stance by NAAIM, I will remain bullish on the S&P and neutral to modestly bullish on a the DWCPF. It doesn't hurt that breadth remains bullish either.
 
Sorry for the absence. Had to leave my home and computer for another week to attend to a private family matter. Got back home and my main computer isn't working.
 
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