Today, S&P had a negative breadth day. I see major selling first time after 12/28 in this market (not enough for me to go bearish). Most stocks seems to be at overbought level which shows that we are expecting some condolidation or atleast a pullback to keep this market in a healthy state.
Todays negative bar was the biggest since 12-13. Which makes me little worry. Most big cap stocks ended up in a negative territory with decent volume (not high).
I am not skeptical about bullish action in this market, but still not bearish yet. If we are loosing momentum today, we should see immediate pullback or lower low tomorrow and if we see more selling continue. We should look for taking profit from this market or moving stop really tight.
Tomorrow will tell us the real picture.
Play safe market can go in any direction from here.
Todays negative bar was the biggest since 12-13. Which makes me little worry. Most big cap stocks ended up in a negative territory with decent volume (not high).
I am not skeptical about bullish action in this market, but still not bearish yet. If we are loosing momentum today, we should see immediate pullback or lower low tomorrow and if we see more selling continue. We should look for taking profit from this market or moving stop really tight.
Tomorrow will tell us the real picture.
Play safe market can go in any direction from here.
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