Well, if you’re reading this, I guess you survived the wild week that we had in the markets. Hopefully everyone had their stops in place and that if you were long on anything, you didn’t get too clobbered. I sold all of my long positions on Wednesday, the day prior to the 1000 point intraday market swing. Things just weren’t looking too ho-hum in my opinion, and I opted out – thank God I did!
Nonetheless, you are probably wondering just how oversold this market is, and trust me, it is, and it got there really fast. I’ve provided two charts below – the first is the Worden T2108 indicator that is very popular among chartists, and probably one of the best ways for guaging the state of the markets and how oversold/overbought they may be. In this case, the T2108 has reached levels that typically sees a strong bounce of sorts, which may come on Monday (that is what I am banking on with my new position in SSO).
The second chart is that of the NYSI Advance/Decline with a Stochastics overlay included. This is one of my favorite indicators for determining market reversals, and while it isn’t quite at the bottom, it will be by the end of next week.
Click Here to See the NYSI Oversold Indicator.
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