Dream day for traders with long positions. Every junk seemed to be working in this high flying day. Highest move since Jan 3rd. Next major resistance level is at 1432. Today market took out its long term resistance and now may be ready for another big move.
I am not really impressed with the market breadth. I would have been very happey if I would have seen little higher market breadth but it was average market breadth, it was as much as of feb 26th (S&P only had 1.1% move on that day).
Overbought-oversold ratio moved rapidly today and it is showing very strong sign in this market.
Looking at above situation, I feel that market is healthy for long position but may have light reversal in short term.
I am not really impressed with the market breadth. I would have been very happey if I would have seen little higher market breadth but it was average market breadth, it was as much as of feb 26th (S&P only had 1.1% move on that day).
Overbought-oversold ratio moved rapidly today and it is showing very strong sign in this market.
Looking at above situation, I feel that market is healthy for long position but may have light reversal in short term.
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