S&P looks like no body wants to buy or sell at this level. My market breadth indicator doesn't show me any movement in the market. The only thing i can see is that there was some selling couple of days ago but other than that there is nothing going on. S&P is consolidating in the very tight range, a little force in either side will force it to make a big move.
Big cap stocks started showing weakness. They are showing major weakness compare to S&P and most are showing weaknesses with little higher volume than past couple of days. High volume weakness are not good for bulls.
Overbought and oversold situation is little complicated since stocks are not making major move in any direction due to lack of supply/demand situation.
Looking at yesterdays close, I was really hoping to have close above 1313 but looking at market breadth, big cap and overbought/oversold ratio, I believe we may see close below 1307 tomorrow.
Again, I am not bearish now until we get major selling in the market. But technical perspective we are looking little weak on bull side.
This is not a good market to trade unless you are doing day trading.....
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