The Media is all excited as the S&P 500 was down a bit more than -1%. Now it is down -0.94%. It is early in the trading day and I would like to make the following points.
1.On 7/5 the S&P lost -0.68%. On 8/2 lost -0.64%. On 8/16 lost -0.55%. On 8/24 lost -0.52%.
2.On each of those days the advance/decline line finished at -2723, -3,042, -2,220 ans -2,145.
3.So far today the advance/decline is at -3,952.
Therefore, today is pretty nasty so far…but I repeat it is early and we need to see if the buy the dip buyer emerges in the afternoon. Also, key a bottom that materializes by 10:30/11:00.
On days like this some perspective is needed. My oversold indicator is at 27 and usually this marks a low when it rises back above 30. The last time we got below this level was on the Brexit puke and that was a great buying opportunity. I will alert all here when that happens.
Maybe a test of 2150 has to happen before a bottom is in. Maybe not. Currently, we are 9 points away from that.
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Are you suggesting we buy the dip @Bullet86?
thanks for the solid market color & calendar updates