After reaching extreme readings on Market Moinitor market is attempting a bounce. The three day bounce experienced some profit taking on Friday.Breadth was below 300 so the rally attempt is still intact.
Today also marks start of new earnings season. Market will probably reveal its real move post earnings trends are clear. At this stage expectations are low, so any surprise to upside will be bullish.
Overall market continues to be range bound and volatile. Moves beyond 3 days are rare. But we might have put in a bottom last week and we might get last quarter rally from here onwards.
The most important thing to look for is Primary Breadth trend change in MM and breadth thrust of 2 plus.