CoFo Lab Market Watch: Market finds balance again

Analysis and Forecasts
2024-04-09 14:31:35

Yesterday's price action eroded some long signals on CoFo Scout, but bears have not regained global control yet.


Analysis of CoFo Scout Readings


The rally spent some of the accumulated long conviction on CoFo Scout, but bulls have not lost their upside potential. However, the pullback has returned the market to a more balanced state.


Currently, CoFo Scout readings are completely mixed. Yet, the trend of weakening shorts on global timeframes persists.


Medium-term and local frames show roughly equal strength between potent long and short signals.


Trade decisions should be anchored in the broader directional bias. After strengthening of local long signals, bulls are likely to regain upside momentum.

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