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10.26.20 09:44:48AM
Back to Oversold Levels - SPY, SPX, DIA, IYT & QQQ
The stock market always reset to where it was, more likely than not, 2018 started in a strong rally as a continuation of 2017 bull run. Then February came, bullish technical displaced, now we are in the 3rd trajectory of oversold in the span of 7 weeks, we have to keep in mind, the market stayed Overbought entire 2017 so we have to expect the same amount of time or more on correction period. It is a process - in a simplified explanation, lower highs print for Major index/ TFs.
As of yesterday close, the S&P 500, SPX, & Dow Industrials have balanced the number of positive/ negative closing days, see chart below* for Nasdaq Composite the green days still outweighs the red days.
The Top 4 ETFs took a nose dive on yesterday on U.S. tariff against China, it is now back at oversold levels, currently, it is just oversold but not EXTREME. The imbalanced on extremities of overbought levels in 2017 is now balancing this 2018, February & March have not been an easy month. The SPX -1% YTD as of yesterday close.
- Apple (AAPL) Amazon (AMZN) Netflix (NFLX) Alphabet (GOOGL)
- SPY, QQQ, DIA, XLF, XRT, XLE, IYT, IWM, IBB, SMH
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