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May 13, 2021

OVERSOLD BOUNCE IN THE STOCK MARKET

By Nigam Arora & Dr. Natasha Arora

Oversold Bounce

Please click here for a chart of  Nasdaq 100 ETF (QQQ).

  • The chart shows that coming into today RSI was very oversold.
  • When RSI is this oversold, it is a good setup for a bounce.
  • Economic data this morning was very negative for the stock market.
  • All of the buying today is from the momo crowd.
  • In spite of the bounce, smart money is not buying.
  • The bounce should be used to properly align the portfolio with current market conditions.  Please see the protection bands, cash and hedge levels in today’s Morning Capsule.
… Please click here or the title below to read more.
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