Leaders are in retreat

Market rallied around 35% from August bottom. In Febrary to march period there was a 7% correction. From that correction market bounced back sharply. For 10 to 12 days it went up sharply without a pause.

During that period there was not a single 300 plus day. However we had breadth thrust of 2 plus as number of upside breakouts were 2 times the downside breakout.

This bounce ran in to resistance 4 or 5 days ago. On that day number of leaders suffered first distribution day. On that day market gapped and then spent the day giving back lot of those gains.

In last two days we have seen 2 negative breadth day. However they are not again high magnitude down days of 300 plus. So probably market is digesting the fast bounce and might resume its rally post this pullback. Any more weakness and we might have more downside potential.

At this stage pullback based methods , support buying, rsi2 methods should work.

Earnings season kicked off yesterday so as usual some earnings breakouts will show up.

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