CoFo Lab Market Watch: Bulls' Feeble Fightback Fizzles

Analysis and Forecasts
2024-04-03 16:36:41

All attempts to rejuvenate the market have proved futile thus far, ending in failure.


Analysis of CoFo Scout Readings


The long signal buildup across lower timeframes was completely expended in the failed effort to stall the downdraft. The reprieve proved ephemeral - Scout's short signals only accruing more strength.


Formidable bearish signals retain a firm grip globally and on swing horizons.


Overall, the bullish forays must be characterized as unsuccessful for now. Resolute longs confined just to the 2H timeframe currently. Across periods adjacent to 2H, long positions weakening and ceding ground to ascending shorts.


Bears presiding over proceedings, their momentum intensifying the onslaught on remaining long-skewed timeframes. If medium-term horizons join the bearish migration, it will catalyze another reactive selloff.


Conversely, if this isolated pocket of longs can withstand and re-amplify, bulls may have a window to transform the pause into a more meaningful medium-term upside attempt.

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