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Friday, June 27, 2008

Oversold Bounce Time after One More Rinse

Pre-market oil is teasing $142.00 and equity futures are down. It looks like equities will have that final rinse down today that will clear the way for a tradable bottom early next week.

The Banking Index (BKX) is deeply oversold as measured by the Slow Stochastic (STO). Down momentum has been fading as measured by the MACD. A bounce is pending in the very near term.

The S&P 500 (SPX) is fast approaching support around the 1270 area. Although deeply oversold, MACD is still accelerating downwards. Any bounce would be short lived and would fall short of clearing 1330.

For a longer term take on this mess, complete with an excellent set of charts and informative commentary click here.

12 comments:

Anonymous said...

No rinse today I'm afraid!

Ben Bittrolff said...

I guess we try to bounce then.

Equities were ready to go bid, but oil kept ruining the party. So if oil comes off at all on Monday...

Anonymous said...

What happens if oil falls to 100 over the next 3 months. Does the DOW rally to 13k??

Anonymous said...

jeez Ben, why don't you call the bounce to the third decimal place?

Nice.

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