Dow has been down 7 days in a row or down 12 days in last 14 trading days......
Dow is @ lowest point in many many months since February of this year....
Dow is below 50 & 200 DMA
Dow is the only index which has negative CMF
This is a classic picture of all the bad news being priced in......
Dow is getting very close to deeply oversold levels, RSI currently @ 35.47.....IF it hits below 30, look for a sharp rally, even 32 RSI is a set up for UP UP & away .....
Markets are going through digestive format for uptick in interest rates, i personally believe, we have reached lows already, we may test those lows and it should be a successful test....
S&P 500 and Nasdaq are below 50 DMA , S&P 500 went below 200 DMA, but closed above.
It is a fair conclusion, that many players are extremely cautious.....
It is also a fair conclusion that many players are on vacation, thus an absence of buying interest.
There is a buying vacuum which is bringing market to near term lows....
It is a prime time to complete your buying.......
Buying is good when prices are challenged....
I am of the opinion, that we are "deeply oversold" and one must not fight for the last cent advantage in buying....
When interest go up .25 % or even 1/8%, it may become "buy the news"
Stay in the market with your high comfort stocks.....
After every slump, there is a rally waiting to happen.....
BLOG does NOT give buy or sell.
Saleem
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