Almost one half of the Nasdaq 100 stocks have an oversold stochastics and T2108 is quite low at 31. The QQQ has already bounced its lower BB (see daily chart below) and its stochastics is at 23 . QQQ usually bounces when its stochastics goes below 20. Finally, the longer term trend of the QQQ remains firmly up with an RWB pattern (weekly GMMA chart). If the market strengthens, I will commit funds after the long weekend. Earnings will be coming out in mid-July and will propel some stocks higher. Then on to dreaded October……….
1 thought on “Market very over-sold; waiting until next week.”
You mean dreaded September!