Breadth continues to be negative

Breadth on daily as well as quarterly time frame continues to show negative trend. A marginal improvement with a minor bounce in last 3-4 days is not sufficient for a sustained rally.

A range bound action in indexes is accompanied by steady deterioration of breadth. Stocks that had lead advance for last 3 to 4 years are slowly showing signs of distribution , a small number of stocks are holding up well.

A breadth thrust with big buy days can quickly change the picture but we have seen very tepid buying on recent attempts.

Implications of markets like this for swing traders is, you have to be cautious and very selective. Follow through on breakouts can be a problem. In markets like this you have to select your entries carefully and settle for smaller profit targets.

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