Market is consolidating

The market has been having trouble progressing further. In last 10 days we had 5 positive breadth days and 5 negative breadth days. The selling is very muted so far with no 300 plus day.

The secondary breadth indicators peaked on 2/6/2012 and since then have seen big drops. That indicates stocks that had made big moves have in last few weeks given up some of that gains or gone sideways.

So far the underlying setups continue to point to further upside after a minor correction. If we see broad based selling that picture might change.

A wall of worry is building up and the excessively bullish sentiment is coming down.

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