S&P 500 3005,7 +7,74.
The correction/consolidation is still in progress. We observed heavy selling pressure, as measured by our trading index, early in the trading session but it was not followed by prices; instead the market recovered towards the close in what appeared to be some kind of short covering. We still expect the market to work out the overbought conditions set up at the beginning of the month to reset our indicators to more favorable levels. Options traders were eager to play the upside of the market by buying calls. Breadth closed slightly positive but the cumulative advance/decline line is consolidating at record levels a good sign pointing out to a lively bull market.