After an encouraging upside tone in the AM, mkt turned totally defensive in the PM, spook by regional weakness on banking stock, concerns over Chinese government to reduce liquidity. Must say holding quite well though. Fkli posted gains due to yesterday’s large discount to fbm…overall weak tone.Still “a higher high and a higher low” condition, only missing a large white body candlestick to inject more confidence. Hope for a fkli strong closing above 1180 remains a dream. So mkt is considered range bound again,1160-1180 until next development.
But not very comfortable with the mkt toppishness stance… maybe the mkt is saving the best for last….meaning on Friday….then a fresh bull tone next week….
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