CoFo Lab Market Watch: Sellers Repelled, Bulls Reinvigorated

Analysis and Forecasts
2024-03-28 19:14:13

The bulls continue regaining ground as bears pause their offensive.


Analysis of CoFo Scout Readings


Sellers exhausted much of their accumulated firepower in yesterday's reversal attempt. The onslaught proved inadequate to sustain a bearish swing, enabling bulls to seize back initiative.


Global timeframes still bearish-skewed but individual signals starting to soften.


Remaining durations fragmented. Over last 24hrs though, indicators transitioned from neutral-bearish to neutral-bullish across many.


Nonetheless, mixed signals reflect market indecision. Top-down scenario can't be discounted yet in this equilibrium state.


For higher conviction, await restoration of clear directional dominance on local/swing timeframes. Those are the ones that determine the ultimate directional vector.

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