Yesterday, I said the market was due a pullback, but it may not be deep or last long. Today, we got a pullback and it wasn't deep, but whether there is more weakness remains to be seen.
View attachment 47413
View attachment 47412
The charts still look very bullish, though the S&P 500 still has overhead resistance at the September peak.
View attachment 47414
Breadth dipped, but remains bullish.
We'll have to see if the bears can continue to put pressure on price, but I have a feeling there may be a floor under this market right now. Where that floor is I don't know, but I doubt it's lower than the 50 dma; if price can even be driven that far (I doubt it). In fact, we could see the bulls turn the market back up before long. The DWCPF hitting all-time highs this past week is not something I can ignore and I still think the S&P 500 joins that index sooner or later with new highs.
I remain bullish.