Pullback Likely Nearly Played Out

The pullback continued yesterday. We wouldn't be surprised to see the market shake lower this morning and then resume the uptrend with a higher close creating a reversal hammer. Remember the fact that we are just entering the month end buying window and buying pressures have been heavy even after seasonal trends have been accounted for. Many of the minor indices were showing strength yesterday as end of the month buying pressures supported them. The Russell 2000 index in particular looks strong and underlying stocks are showing support.