This week we have see S&P breaking the 1292 level first time since Aug 11, which was a
major thing for the market. Everybody is waiting for the big move up in this market now.
But i would have been very happy if weekly close would have stayed above 1292 level.
Again
market is having hard time holding that level. There seems to be big supply or less
demand from this level. Investors are just SOH at this level.
I am seeing many dojis and hammers on big cap stocks which shows that market is holding up
well for the supply. We need big demand to stay above this level now.
I am able to find some pullback setups in top 20 big cap stocks which is also a good sign.
Investors may be waiting for the Earning seasons to progress before making decision.
Last two breakouts in S&P had 5-6 days of congestions prior to that. So far, we have 4 days
of closing in this similar price range. I am not saying same thing may happen but just an
observation.
I am still bullish with this setups in this market until I see close below 1264.
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