s&p had little positive day but we have a strong negative day behind us and todays positive move can be a shock move as well. Yesterday we were right against the support of 1341 and tomorrow will be the interesting day to watch before taking any more trading opportunity.
Market had positive breadth but we also had strong negative breadth behind us and until we see strong positive breadth, i don't feel good to start trading long setups.
oversold-overbought ratio has turned strongly and if we have little stronger day tomorrow this ratio will give me an indication to take long setups.
Looking at the above situation, I still believe in taking very low risk short position and at the same time keep your eye open for tomorrows market. If it turns out to be a strong one, we should cut our strong positions.
I will be looking for both short and long setups to be ready for next markets move.
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