Looking for a Breakout - Posted by Coolhand

The bulls had a good week last week with Friday's action closing out on a positive note.

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There is no breakout yet, but price does remain at or near the top of its trading range. Momentum remains rather flat. The 50 dma has now crossed the 200 on the S&P 500. The DWCPF is not far behind.

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Breadth rose on Friday and put the signal back in a bullish configuration, but it also remains in a sideways pattern.

TSP Talk sentiment came in bullish. We already saw NAAIM get decidedly bullish on Thursday. I have to expect more positive action on this sentiment. Something (news) has to push price higher and get the market back on an upward bias. We do have resistance overhead, but NAAIM suggests this is not likely to be a problem. Will that upside catalyst happen this week? I hope so, but it may take longer.

I remain bullish.