By Jason Fittler
If you take a look at the below chart you can see that last week we revisited the lows of November. But it is not all bad news, here is why;
1. Volume is light, which indicates that this is not a wholesale sell down.
2. In the US the indication is that based on the comparison of the volume of trading between retail and intuitional it would indicate that the US is close to a bottom.
3. The market looks over sold and has not pushed to new lows yet.
So what does this mean?
To me it looks like the market is getting set for a Bear market rally, as such we are still short term bullish and expect to see the market move up over the next 6-8 months.