Lower oil + bank earnings surprises + oversold market = Rally
The action today is signaling a good chance for a run back up to 12,000. With commodity prices, especially oil, backing off, and the potential for regional banks to report better than expected earnings, the stage is set for a decent rally from here.
Market sentiment, as measured by the NYSE Bullish Percent Index is clearly in oversold territory, currently sitting at 26%. A move back up to 30% would be a sign that the bulls are starting to gain control again.
It will be interesting to see how the numbers will end up at the end of today
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