The stock market continues to work out its recent overbought status without ceding much ground. We observed for the fourth day in a row fairly heavy selling pressure, as measured by our trading index, that has been well absorbed by prices. This means that market participants continue to adopt a very cautious attitude as the market is close to new highs, a good news for contrarians investors. Ideally, the consolidation/correction may continue with a downside target in the vicinity of 2930-50 area.