S&P today gave away all the gains of last two days. The thing i didn't like the most is that it made high of the price range today and then reversed back and gave up two days gain.
Overbought/oversold ratio is showing negative effect in this market. As I said it yesterday, one big down day will move it to negative side. If we get no movement or little down movement in the market, then it should turn into negative. This is the first time overbought/oversold ratio went to this low since Dec 28th. I believe little pullback will be healthy for this market now.
I am seeing little higher negative breadth building up in this market than what we have seen in last 6 weeks.
Overbought/oversold ratio is showing negative effect in this market. As I said it yesterday, one big down day will move it to negative side. If we get no movement or little down movement in the market, then it should turn into negative. This is the first time overbought/oversold ratio went to this low since Dec 28th. I believe little pullback will be healthy for this market now.
I am watching key levels here, 1331 and 1365. At those levels we will decide to have higher risk position or not.
I am still looking for low risk long positions here and not trying to catch breakouts here.
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