CoFo Lab Market Watch: Bulls retreat, bears gain strength

Analysis and Forecasts
2024-04-06 12:04:14

The bulls are trying to weaken the downmove, but so far they have barely slowed it down.

Analysis of CoFo Scout Readings


This evening's market had weaker support from buyers, as did the bullish readings on CoFo Scout. The global timeframe bulls couldn't but exploit this. The buyers' efforts were neutralized, with the market returning to accumulation.


It took just a small rebound for the long signals to fade. Now the bulls need to accumulate enough strength to push the market higher.


Bearish globals also subsided. These timeframes still remain pivotal.


Overall, a fragmented and desynchronized picture on Scout. The market has reached a balance.


Sellers are trying to push the prices down. Should bearish signals fade on higher timeframes, it won't take long for the market to slide into a new downward wave.


A domination of longs over shorts on lower and mid-term timeframes would entail a potential spike in asset prices due to bulls' successful strength accumulation.

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