Market Monitor: Bearish
- Selling pressure was intense after the morning bounce failed
- Recent leaders are under pressure and one by one they are breaking down
- New sector leadership is emerging. It is mostly defensive sectors
- More selling will lead to washout and attempt at another bounce.
- Reflex bounce is very strong probability
- Currently in reversal anticipation mode. Looking for follow through day or MM signal
The selling will probably stop before earnings season and if bearish phase has to follow on, it will happen post earnings.