Yesterday’s small rally leaves the market slightly oversold but my concern remains the same. This pullback has been led by the wrong stocks and has been done without a blip in volatility.
A news event may take prices higher here, especially as the upward month-end bias in prices is in force. But, short of that news event, a larger pullback would be healthier and more probable before leading to the next leg higher.
Have a great weekend!
Today’s Potential Opportunities on Further Pullbacks: