We had a major positive day on Friday. It was the strongest day after January 6th. This may be another start for the bull move but it is not a good time to take major risk.I would wait till the market crosses 5456 which is a pivot point.
We did have the strong day but market breadth was not very very strong. It most looked like we will have more positive breadth than Feb 28 but it was just 50% of the breadth so I am not really excited about this rally.
Overbought-oversold ratio was not helpful either. It shows that frieday's rally was weak.
Looking at above three, I believe, this is not a strong rally and until I feel this is a strong rally we should not take major risk in the market.
I will be looking for bother short and long positions.
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