Friday's mixed action capped a week that started out on the bullish side, but ended with a weekly loss for both the S&P and the DWCPF. The weekly losses were limited, which may be an indication that a bottom is near. This is also possible given the latest NAAIM reading.
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Price on both charts remain above its 50 dma. The DWCPF in particular saw price test that key average (successfully). We'll have to see now if support continues to hold. Momentum is falling, but not quickly.
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Breadth ticked up a bit and remains bullish, but under pressure.
As anticipated, our TSP Talk sentiment survey came in neutral. Thursday we got a bullish NAAIM reading, though not wildly so.
As the indicators stand currently, I don't see anything of major concern. Apparently, NAAIM doesn't either. For these reasons, I am maintaining a modestly bullish sentiment.
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Or you can now use TapaTalk again!Time For the Bulls to Turn it Up Again? Posted by Coolhand
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