S&P seems to be heading towards 1374 range and if it is broken then the next level of support is at 1341. Today S&P broke below trendline of this recent move first time since last 4 months.
Market breadth we have selling building up in last couple of days which is pointing to a weakness in the market.
Overbought-oversold ratio has sharply turned to negative.....
Looking at above, I believe, we are heading to lower day tomorrow but again we have loyal buyers in the market and we shouldn't forget them soo soon.... So my point is until we see close below 1374, we should not be panicking... but we need to preserve our profits and not start investing with just a hope.... we must wait for the confirmation from the market before buying anything new
Market breadth we have selling building up in last couple of days which is pointing to a weakness in the market.
Overbought-oversold ratio has sharply turned to negative.....
Looking at above, I believe, we are heading to lower day tomorrow but again we have loyal buyers in the market and we shouldn't forget them soo soon.... So my point is until we see close below 1374, we should not be panicking... but we need to preserve our profits and not start investing with just a hope.... we must wait for the confirmation from the market before buying anything new
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