Oversold

2023-10-30

Oversold market and seasonal tailwinds

The markets are deeply and way oversold. No other ways of saying that. Can it go lower? Yes it could. But the probabilities of it rallying upwards in the near term are higher than not based on technicals and sentiment.

Sentiments are pretty bearish at the moment and the contrarian trade is up. Technically, both the broad market index and the Nasdaq are pretty much extended in their fifth wave of the fifth wave of what looks like an ending diagonal. And ending diagonals tend to have sharp snapbacks. Indicators also look at stretched oversold levels and pretty ready for a rebound. Inagine a loaded spring. That is what the markets are looking like to me. The Nasdaq has also made a divergence and a higher low compared to the SPX on the micro charts.

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