Yesterday, we highlighted in oversold playbook in bottoming process we noted that a few key tactical indicators are oversold, but can get more oversold. That certainly took place yesterday. We have been highlighting is the three main catalysts that can stabilize the market remain elusive; (1) The election isn’t for another week (and that is forever in this kind of volatility), (2) the Fed doesn’t have enough slowing economic data (they soon will) to take their foot off the break, and(3) each day there is a new apparent worsening of trade tensions with China rather than getting closer to resolution. That leaves the only catalyst for a near-term bounce as tactically oversold, and that didn’t matter yesterday.
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