Low volume pullback
Breakouts on upside are not having vigorous follow through. Many end up giving up intra day gains.
The market will need a catalyst to get out of this phase. The earnings season has started this week and that should act as a catalyst. The earnings are expected to be worst earnings so far since the market put a bottom in 2009. Let us see how market will react to that.
One positive for the market is the low interest rates and Fed pledge to keep them low.
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