We are against the long term resistance and we saw the supply coming in the marker today. S&P closed bottom of the bar. Today supply has upper hand than demand.
Market breadth is not showing much action and overbought-oversold is also not showing much information as well. Last week overbought-oversold ration came close and I thought it was about be ready for pullback and sudden demand came to market which pushed the overbought ratio higher in the market.
Most big caps are around their resistance area and not moving much.
I am still looking for a good long setups which are not extended...
Market breadth is not showing much action and overbought-oversold is also not showing much information as well. Last week overbought-oversold ration came close and I thought it was about be ready for pullback and sudden demand came to market which pushed the overbought ratio higher in the market.
Most big caps are around their resistance area and not moving much.
I am still looking for a good long setups which are not extended...
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