Market breadth is rebounding from oversold levels and, at this rate, will need a few more days to reach overbought readings. For the SPX, the real challenge begins in the 3955 - 3965 zone. At this time, it doesn't look like the index will be able to break above without a strong reversal in AAPL and CSCO, which have been the main drag on the DJIA as well:
Thursday, February 25, 2021
SPX and Market Breadth
Wednesday, February 24, 2021
SPX Pattern and Trend
One of the longest oversold market breadth streaks finished with the expected panic selling at the open on the 23rd.:
Tuesday, February 23, 2021
SPX and Oversold Levels
Market breadth is getting close to reaching max number of consecutive oversold days:
which may culminate in panic selling.
Friday, February 19, 2021
SPX Targets
Pre-market action suggesting that market breadth is likely to reverse from deeply oversold levels, providing support for higher prices:
Thursday, February 18, 2021
SPX Pattern and Trend
Something has to give. The SPX continues to flatline in the defiance of continuously deteriorating market breadth, sliding further into oversold territory:
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