S&P ended up 1% up today with decent market breadth which is a good sign. I am not seeing major negative market breadh in this market but every dip there are buyers and they seems to keep taking this market up.
I liked the S&P to close strong at the top of the bar. Looks like it retraced back down 20% of the bar today. It looks like we have good amount of supply above 1326 price and until strong demand comes over we will see this kind of choppy actions in the market.
Yesterday, It looked like it was ready to show weakness in the market and today it just jumped higher.
Big cap stocks were mostly down during the day or closed below 50% today. This kind of conflicting sign shows the market weakness.
Looking at the above situation, I am still not bearish but still seeing weakness in this market. One has to think about protecting their money rather than taking big risk in this market.
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