Financial News
Oversold enough for a bottom?
April 17, 2024 at 16:13 PM EDT
Mid-week market update: I wrote on the weekend that conditions were setting up for a panic bottom (see Here comes the sentiment flush), but one final flush may be necessary to spark a relief rally. The S&P 500 has now achieved the milestones for a panic bottom. The stochastic is sufficiently oversold. The index violated its 50 dma and it's now filling the February 22nd gap after the strong NVIDIA earnings report, which represents a secondary support level.
The key questions are:
The key questions are:- Is this a bottom?
- If this is a bottom, is it a durable bottom or just a bounce before prices weaken further?
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