Summary:
Support still held.
Expect a rebound tomorrow.
| Trend | Momentum | Comments - Sample for using the trend table. | |
| Long-term | Down | Idea for trading intermediate-term under primary down trend. | |
| Intermediate | Down | Neutral | |
| Short-term | Down | Neutral |
Not much to say today. I don’t think the support on chart 1.0.1 Institutional Index (Daily) is broken, at least not decisively broken. As the support is held, plus extremely oversold readings mentioned in the After Bell Quick Summary, so my guess is that the market is due for a short-term rebound with SPY initial target at $88.72.
Some other reasons for a short-term rebound are listed below for your references:
1.1.3 QQQQ Short-term Trading Signals, the NAMO at bottom is oversold which is very accurate from my experiences.
2.0.0 Volatility Index (Daily), the well known VIX ENV 10 still is overbought, plus a Shooting Star formed today, so VIX could drop which means SPX could rise.
7.7.9 Russell 3000 Dominant Price-Volume Relationships, 1253 stocks price down volume up, finally we’ve got an oversold readings which usually means a short-term rebound.
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