getting awful close to having an rsi of 30, while oversold can stay oversold, witness slv (silver), most oversold stocks produce a bounce, ie FNSR, made a new low in the low 17's, bounced about 10 percent, before reversing and is now under 17.00
fwiw, Mark Hulbert of the Hulbert Financial Digest notes that the bearish sentiment on the markets has increased quite dramatically even though the markets are only down about 2 percent off the recent highs, he notes that another move up is likely "before a broad based decline".
Look for the IWM to hold 108.00, about another one percent down.
A fall like FNSR has had perhaps, from the bubble that was 29.00 to the 16's. lol
Better keep pumping Intc, it's the only thing that's actually worked out, of course it's gone nowhere in 2 months.
directionless market. index wise 2 months of going essentially no where. crus may fill the gap down there about 20.50, not so sure it falls a lot further without bouncing
The inability of the spy to break back through 1980 and hold is troublesome, a break below 1965 would be even more so. for months this has been a trader's market
on the plus side, the rsi is once again pointing up and the macd, though not pointing up, reached a fairly extreme downside level.
On the markets overall, the spy has not been able to reverse and meaningfully hold the bounce back above 1980 off 1965. Today the range was pretty much between those 2 key points, resistance and support both Friday and today.
McClellan was of the opinion, the markets till mid to late October, range bound and great for traders, not investors. Jason Leavitt seems to think a downside move in the SPY to about 1937.
And good ole Carter Braxton Worth was looking for a 10 percent drop on the spy and the qqq.
So much fun in this roller coaster market that the best play was to sell the open, on the SQQQ that is. Anyone who bgh the Friday afternoon lows near 36.00 (yep, at 36.01) picked up a quick 1.00.
On the negative side for the markets, the SPY failed to hold the brief foray back above 1980 Friday.
it was a great day to have sold the Sqqq on the open way up there above 37.00 and buy back under 35
nothing but a roller coaster ride over the last week or so