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Oversold enough for a bottom?

Wednesday, April 17, 2024 17:01

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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:

Is this a bottom?
If this is a bottom, is it a durable bottom or just a bounce before prices weaken further?

The full post can be found here.

Source: http://humblestudentofthemarkets.blogspot.com/2024/04/oversold-enough-for-bottom.html

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