When a market breaks out of multi year range

Market continues to be in bullish mode. Buyers are active on any dip. Breakouts on upside continue to dominate the action.

There is no sign of top or distribution as of now. There are not many break downs and most bearish moves are resulting in sideways moves.

Any pullbacks at this stage will likely be shallow. The market is extended so profit taking will probably lead to dips.

The most important thing as of now is the quality of moves in this bull market. Underlying setups continue to look attractive. Stocks after making first up leg are consolidating or having orderly pullback. Any correction will create more pullback candidates.

The other thing to note is Index after Index is breaking out of multiyear range. As Livermore said when a market breaks out of multi year range it is telling you something.

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