I think we’ve been on this ride before: open down, mid-day rally, late-day sell off. The Oversold level of 1339 yesterday worked nicely early on as the SPX eventually made its way up 8 handles above but closed out the session just below that 1339 level. Futures are higher as I type this. Today’s OB / OS levels: 1347 / 1329. It appears as if the SPX is stretching for the Overbought level. The quantitative range has widened some and today is the first day in three in which the SPX is not starting out in Overbought territory. Today might be a significant day in turning this correction around.
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