S&P had a decent reversal today. But it can be a quick reaction here as well. We have a good amount selling behind us so until I see a follow through with many stocks participation, I am not going to take major risk in this market.
We had a strong positive breadth in the market but gain we have heavy selling behind us so this rally very well be a reaction rally to remove shorts from this rally....
We had a quick reversal in the overbought-oversold ratio today but we need another day like today to recover it to the positive side.....
In the point and figure chart, looks like we have finished out downwards movement and we may see another consolidation here or little move back up..... and get ready for another big move in either direction
Looking at above, I don't feel safe to take long traders as of now.... but I need to prepared to be invested...... as soon as market condition improves or gets worst.....
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