As expected the market did not follow through on downside after overnight gap. That indicates likelihood of sideways market.
Today also marks the beginning of next earnings season. During the earnings season fate of many stocks might be decided. Lot of stocks that gapped up last earnings season have not had follow through post the earnings day. Many in fact had breakdown after brief rally.
The correction has narrowed the leadership considerably and we are back to handful of stocks setting up for possible upside.
Any breadth thrust here will be buy opportunity.