08 May 19

The first trading day of the week marked the end in the market’s 8-day climbing streak at 2,877.46; albeit almost flat inching down only 0.1%. Along the lines of resistance, this showed a jittery market yet to decide either to continue to push up or get their profits and be satisfied.

The next few days would be a crucial play for short-term traders as they bet on breaking above the resistance level or be pessimistic about having enough demand to turn this hope into reality. Until a clear break is shown, prudence tells us to stay on cash and continue to lighten down.

In the absence of more fundamental signs to support a resistance break, I am taking ‘prudence’s’ advice for now. =)