Waiting For Something To Happen? Posted by Coolhand

The bears had their way for the morning session, but the bulls got back in the game in the afternoon to close out the day with moderate gains.

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It remains a mixed picture with price on the DWCPF still under the 50 dma and above that key average on the S&P. Momentum has yet to turn back up. Volume has been average. Since the market turned today, it may be ready for the upswing. We'll have to see.

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Breadth turned up and is now in a neutral condition.

NAAIM came in neutral today. They are not shorting much, but there's reason for the neutrality. The obvious one is inflation, but now we also have a very touchy situation in the Suez Canal. This is a big deal, but how the market reacts to it (over time) remains to be seen. I suspect it may not be cleared for a little while. I've no doubt there is more under the surface of this situation than the ship's bilge and it's something I'll be keeping an eye on.

I remain neutral.