Guessing Game Continues - Posted by Coolhand

It looked like the bulls were going to have a good day today as the morning session saw nice gains in volatile action. But as noon approached the gains appeared limited. The DWCPF peaked early, while the S&P had more than one peak. Both indexes succumbed to selling pressure in the afternoon session.

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Price closed for a loss on both charts. Interestingly, price closed pretty much on support at the 50 dma. The DWCPF managed to rise above its 50 dma early in the trading session, but was rejected and closed back under that key average, which now appears to be resistance for that index. Volume was elevated. Momentum fell.

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Cumulative breadth actually remained elevated, but still in a sideways pattern.

So, it's still a mystery of sorts where this market is headed. The DWCPF is struggling more than the S&P, but not by a lot. Volatility remains elevated along with volume. It's still a neutral picture, which also reflects my sentiment.