ajtj99's Market Pulse

[Justa Werkenstiff]

C: SPX action, my proxy for now, was ugly for sure. Yet channel is intact provided we turn around in here. We are still chopping up with an upward bias for now. That was the scenario.

We are approaching rsi 5 on the SPX here at 33.2 on daily. Went from overbought technicals on the SPX to oversold all in one day.

Last week, there were buys on the Nasdaq and Ndx with the SPX lagging and now the situation has reversed with the SPX leading down in the oversold department and the Nasdaq and Ndx lagging. Lots of cross currents.

Probabilities still favor a move back up but I have no good clues for an impending bottom in here except some seasonal work. And so we will see how it pans out.