As discussed on Sunday, we entered the week with a deep
short term oversold. As expected, traders jumped on it and
rallied the market strongly yesterday, right up to short
term downtrend lines. The market failed to break through
today and ended on a weak note. There is still a moderate
oversold in place, and players may have to watch the oil
price carefully because the strong bounce in oil today
following a steep, fast sell off, did not sit well with
the stock market in my view.
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