Solid Gains Today, But No Cigars - Posted by Coolhand

The bulls managed to reverse yesterday's loss, but they didn't make any statements.

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Price on the DWCPF managed to close above its 50 dma, but not by a lot. It's a bit misleading to look at that chart and then realize that the DWCPF tacked on gains of about 2.5%. That certainly shows us how far from the top it remains. Price on the S&P bounced off its 50 dma (after closing right on it yesterday). The market did fade at the end of the day, but it was more pronounced on the DOW than either the DWCPF or the S&P. Volume has been steadily falling the past few trading days, but still remains a bit above average (imo). Momentum is trying to turn again.

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Cumulative breadth, while certainly not off to the races, has been eking out gains, but has yet to break out of its range.

So, the market remains in no-mans land for the moment. The bulls appear to have the advantage (long term trend and price above the 50 dma), but that could change quickly. Volatility is settling out too and that may help the bullish case.

I still can't get bullish, however. I remain neutral.