Is the Market on the Mend? - Posted by Coolhand

The market gapped higher at the open today and bulls fought to maintain the gains in a choppy trading session.

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Overhead resistance remains an obstacle on both charts, but there are some promising signs for the bulls. Momentum has turned up after a lengthy decline. Volume has been slowly diminishing, which also speaks to the lessening of volatility. Price still has to cut through resistance and post fresh gains, but at least there are signs that the market is moving in that direction.

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I find it very noteworthy that cumulative breadth hit a fresh all-time high today. Is this a early warning to the bears? We'll see.

NAAIM reports tomorrow. It will be interesting to see if they remain cautious. I remain neutral, but I may not be far off from going bullish. NAAIM may (or may not) convince me when we get the latest reading.