Indices closed down.
S&P 500 @ 2785.68, low 2784.86, high 2874.02
RSI @ 22.97
CMF @ -0.205
Internals were :
Down volume led by 9.91 to 1 in NYSE & 7.25 to 1 in Nasdaq
Declining stocks led by 7.23 to 1 in NYSE & 7.05 to 1 in Nasdaq
Net new 52 wk lows were leading by 630 in NYSE & 313 in Nasdaq
VIX UP 43.95% @ 22.96
Oil @ $73.17
Gold @ $1193.40
AH news....SQ Down 10.34%, TER Down 4.44%
AH Futures Down
AH Asian Markets Down
AH Oil Down
AH Gold UP
About market, TAPE was horrible and we closed @ low of the day, Internals were extremely negative, internals have been giving indication of deterioration for a while.OK ...so where we go from here, in my analysis of RSI Nasdaq is deeply oversold @ RSI of 21.14, careful buying in high quality stocks can be done @ open.Nasdaq is below 200 DMA again an deeply oversold situation. There may be more weakness in DOW as RSI is still high @ 33.54, S&P 500 also looks deeply oversold @ 22.97.Both Dow and S&P 500 are above 200 DMA and may dip below @ open.Expecting a sharp V bottom after open.
BLOG does NOT give buy or sell.
Saleem
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