Resistance Levels: 7,450, 8,150
Medium Term Path: All eyes are on 8,150. But we may get a slight 1% to 3% pullback in the interim. I’m seeing some bearish divergence in the Renko charts with the Z-Score SMA. But you can’t want to play in the mud and not get dirty. Markets don’t go up everyday so you have to be prepared for some down side from time to time. A drop in short term market breadth as measured by the percentage of stocks above the 20-day MA, to below 50%, should provide some confirmation on the slight pullback.
