Turnaround Tuesday

Going through a few charts tonight, I am amazed to see the amount of selling pressure throughout equities. It is also worth noting that The PPT Market Overview score is near 2, which is typically a great place to get long.

I am hoping for some premarket blood tomorrow morning, which in my opinion, would lead to some extreme buying opportunities for a short term move higher.

Here is a pretty interesting Fibonacci fan, courtesy of our beloved Tim Knight. Also, take a look at the VIX, it’s in BTFO territory.

Remain cautious and keep your position sizes small. However, If we do see blood early on, it might be worth it to take on a few long positions, in size.