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'It is what it is Department" Key focus is
Trading a range bound market.Internals are bearish and price action is clear we are still in a bullish consolidation phase since the daily buy is not failing, we don't make a new high but the buy has not fail either, the current market moods are fearful and bearish but the price action of the last two days tells me that the liquidity is still good. (not bad yet). Looking at internals I am agreed that this run up will not sustain unless the internals are turning positive quickly. Bullish Percentage (both weekly and daily) is very bearish
59% of SPX stocks are under 20 day moving average.
Daily Short term momentum are still pointing down and bearish.
Lets look at the Only Price Pays activities, a reversal on Thursday got a gap reversal to confirm it. so, for intraday I see nothing to suggest bulls are weakening at all. Monday before market open will be easy to spot, strong opening I believe range low bottom is in for now, a lower trade will be screaming sell intraday. I am leaning bearish in the early part of the week,expecting a pull back no later than Tuesday before heading higher or failing to new low all together.Trend lines that I am looking at right now.
Range Bound market view
My comments are for entertainment/educational purpose only. NOT a trade advice.