Initial Gains Reversed - Posted by Coolhand

The market started out hot at the open, but peaked after an hour and began to slowly give back its gains all the way into the close. But it was still a mixed close with the DWCPF closing positive, while the S&P had a negative close. If this is what selling pressure looks like, the bulls will take it.

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No serious damage to the charts, but the S&P is the decidedly weaker index. And it isn't in bad shape to this point at all. Momentum has turned down on both charts.

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Cumulative breadth was weak again, but remains bulish.

So, it appears we're seeing a rough patch in the market that's been controlled (so far). With a bullish NAAIM reading from late last week, I don't expect to see much downside damage. In fact, risk does still remain to the upside.

I remain bullish.