I track after the close the percentage of Nasdaq100 stocks that traded intraday below their lower 2.15 Bollinger bands. Such a reading is extremely oversold and where stocks often find support. The past 3 days 86-94% of the Nasdaq 100 stocks were that oversold. The last time such a run occurred was at the bottom of the Covid rout on March 12,13 and 16, 2020, (89-96%). In fact, QQQ itself traded below its lower 2.15 daily BB on Monday and Tuesday. This suggests to me the market is primed to bounce on Wednesday if the Fed’s announcement is well accepted. Here are the stats for the Nasdaq 100 stocks from 4/14 until 6/14. (I know I missed 4/26.)
