Market Takes a Rest - Posted by Coolhand

I said yesterday that the market was due a pullback and we got some measure of one the very next day.

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Today's downside action appeared to be a normal pullback (average volume and limited technical impact). Momentum has paused in its short term up trend. Now we'll have to see how long it takes the bulls to push back.

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Breadth dipped as would be expected, but like the index charts, it remains bullish.

There isn't much to be read into today's trading session. I am not expecting serious downside action, though I am mindful that NAAIM is looking for some degree of negative action and I doubt today's action was it; at least not by itself. It also remains to be seen which sentiment survey will win the week.

I remain modestly bullish.