Current Breadth Readings: (click here to see all our breadth charts)
Yeah! We hit that Zweig oversold. Looks like there may be some opposite reaction today.
ES SP500 Futures Comments:
We are looking for a bounce in here, but buyers beware, we are very range-y, so either wait for confirmation (that could take a week) or be prepared with big stops. The battle for the bottom has begun.
We like 1346 as a probe test for the the lows where we think buyers will step in. The upside and short covering, we think, will exhaust today around 1368 if there is enough power in the markets.
The bears need to be very concerned about the lack of run in the dollar. It should be up over that 81.67 area at these market levels. There is a cap here and a reversal will be a reversal for fortune in equities as well.
While we have been looking for a 128 hit, that appears to need some shocking news. A war in the Middle East, the unraveling of Europe, and a Cliff in the USA is not enough I guess. We are looking for a reversal now down to the 124 area, unless a bigger news story comes along.
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