Wednesday, October 01, 2014 10:29:49 AM
MARKET COMMENTS BY ART HILLOctober 01, 2014
Correction Extends as Oversold becomes more Oversold
The song remains the same. Market performance deteriorated as we moved down in market cap on Tuesday.
The S&P 500 SPDR (SPY) declined .26%, the S&P MidCap SPDR (MDY) fell .89% and the Russell 2000 iShares (IWM) lost 1.51%.
Large-caps are the only bastion of strength in the market right now. Six of the nine sector SPDRs were down with materials and energy leading the way lower.
The Home Construction iShares (ITB) and the Retail SPDR (XRT) weighed on the consumer discretionary sector.
Mining and oil stocks got hammered as gold, platinum, silver and oil fell.
I have been showing some breadth indicators to get an idea of a bottom, but they remain oversold and short-term bearish right now.
The chart below shows the 10-day SMA for AD Percent for the S&P 1500. This is a broad breadth oscillator that becomes oversold with a move below -15%.
A bull signal triggers with a subsequent move above zero.
The last bullish signals were December, February and August.
The indicator is now below -20% and the most oversold since February.
Correction Extends as Oversold becomes more Oversold
The song remains the same. Market performance deteriorated as we moved down in market cap on Tuesday.
The S&P 500 SPDR (SPY) declined .26%, the S&P MidCap SPDR (MDY) fell .89% and the Russell 2000 iShares (IWM) lost 1.51%.
Large-caps are the only bastion of strength in the market right now. Six of the nine sector SPDRs were down with materials and energy leading the way lower.
The Home Construction iShares (ITB) and the Retail SPDR (XRT) weighed on the consumer discretionary sector.
Mining and oil stocks got hammered as gold, platinum, silver and oil fell.
I have been showing some breadth indicators to get an idea of a bottom, but they remain oversold and short-term bearish right now.
The chart below shows the 10-day SMA for AD Percent for the S&P 1500. This is a broad breadth oscillator that becomes oversold with a move below -15%.
A bull signal triggers with a subsequent move above zero.
The last bullish signals were December, February and August.
The indicator is now below -20% and the most oversold since February.
TRADING TNA AND TZA
http://investorshub.advfn.com/TRADING-TNA-AND-TZA-12981/
Join the InvestorsHub Community
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
