S&P advancing stocks yesterday was a measley 4! My
understanding is that's usually a very good signal for a bounce,
even if only for a couple days. And the bounce doesn't necessarily
have to start today. Steve, can you provide any further
information? Thanks!
Well that normally happens on a large down day which leads to
deeply oversold readings and thus increasing the likelihood of some
type of bounce attempt. Typically, large candles are partially
retraced but not always so one must look at other time frames and
indicators for supporting evidence. Last night, ES (SPX futures)
were oversold and diverging on the 60 minute chart and thus why I
was looking for a bounce.
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S&P advancing stocks yesterday was
Posted by frtaylor on 2nd of Sep 2015 at 11:38 am
S&P advancing stocks yesterday was a measley 4! My understanding is that's usually a very good signal for a bounce, even if only for a couple days. And the bounce doesn't necessarily have to start today. Steve, can you provide any further information? Thanks!
Well that normally happens on
Posted by steve on 2nd of Sep 2015 at 11:44 am
Well that normally happens on a large down day which leads to deeply oversold readings and thus increasing the likelihood of some type of bounce attempt. Typically, large candles are partially retraced but not always so one must look at other time frames and indicators for supporting evidence. Last night, ES (SPX futures) were oversold and diverging on the 60 minute chart and thus why I was looking for a bounce.