The markets have experienced some distribution in last few weeks. by historical standards that is not a major distribution. we have not seen 300 plus day yet.
Lot of leaders have corrected and stocks that were up 25% in a quarter has dropped down.
At this stage market has corrected between 2 to 3.75% depending on the Index you look at.
This market has had persistent bid for months and any weakness of this magnitude has attracted buyers. Same thing may not repeat but if you see 300 plus day to the upside you should give benefit of doubt to long side.
As of now it is still an extended range being formed since March. At some stage the market will break big time but the direction remains unclear.
My stance is currently neutral on the market direction.