Scanning the S&P500 for Oversold stocks (yes there are some in this market) I found mostly metals and healthcare. For now I'd avoid both sectors. But there is one oversold stock that looks attractive:
Who likes Doctor Pepper?
Demark count -22 (wow) on rising 50 day SMA support closed below lower Bollinger Band for first time since February
I have an alert set to go long on strength, with a stop below today's low 33.06. Earnings report May 6.
To scan for stocks that are overbought or oversold according to the Demark 9 count method, use this screener:
( Bar[Close,D,0] < Bar[Close,D,4] AND Bar[Close,D,1] < Bar[Close,D,5] AND Bar[Close,D,2] < Bar[Close,D,6] AND Bar[Close,D,3] < Bar[Close,D,7] AND Bar[Close,D,4] < Bar[Close,D,8] AND Bar[Close,D,5] < Bar[Close,D,9] AND Bar[Close,D,6] < Bar[Close,D,10] AND Bar[Close,D,7] < Bar[Close,D,11] AND Bar[Close,D,8] < Bar[Close,D,12] )
OR
( Bar[Close,D,0] > Bar[Close,D,4] AND Bar[Close,D,1] > Bar[Close,D,5] AND Bar[Close,D,2] > Bar[Close,D,6] AND Bar[Close,D,3] > Bar[Close,D,7] AND Bar[Close,D,4] > Bar[Close,D,8] AND Bar[Close,D,5] > Bar[Close,D,9] AND Bar[Close,D,6] > Bar[Close,D,10] AND Bar[Close,D,7] > Bar[Close,D,11] AND Bar[Close,D,8] > Bar[Close,D,12] )
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