So yes, we are currently oversold and the last time it was that bad, we bounced back 6% in 5 days. So there is hope! On the other hand, macro conditions are not exactly conducive to a big bounce!
Thursday, August 4, 2011
Yes, we are oversold
Here is a daily chart of SPY with from top to bottom William %R, TRIX and RSI. I have circled in green the last lows for TRIX and RSI and these go back to last July! These indicators are not standard, they are adaptive and smoothed but the actual ones will show something similar!
So yes, we are currently oversold and the last time it was that bad, we bounced back 6% in 5 days. So there is hope! On the other hand, macro conditions are not exactly conducive to a big bounce!
So yes, we are currently oversold and the last time it was that bad, we bounced back 6% in 5 days. So there is hope! On the other hand, macro conditions are not exactly conducive to a big bounce!
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