Despite what the media tells you, the market did not crumble on Swine Flu fears today.
Ultra-light selling on the back of a flu that hit 11 people in the U.S. (all of which are recovered or recovering) is no knee-jerk.
Bulls want to see selling dry up in here. It’s an ongoing analysis. Just one day isn’t a whole lot to change any biases.
We’re still anticipating some kind of pullback to the major moving averages for the broader indexes.
But any more heavy-selling Distribution, like we had in previous weeks, will be further evidence to remain Bearish.