New Delhi, July 27 -- Ticker is a weekly newsletter by Vijay L Bhambwani. Subscribe to Mint's newsletters to get them directly in your email inbox.

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Last week, I wrote about the daunting prospect of overhead supply (selling by bulls trapped at higher levels) weighing on bulls. That hypothesis was validated by the markets as indices slipped in the latter half of the week. Triggers for the overhead supply remain unchanged.

Proposed changes in the US and UK, which may reduce the flow of money to pension funds, are worrying bulls. It should be remembered that pension funds manage huge sums as long-term assets under management (AUM), which makes them the biggest institutional investors in equity markets. If AUMs fall in the pens...