Mentorship

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S&P on the line AGAIN

7 Jan 2016 ‚óŹ 07:04 AM

The US indices made a leap lower again but I am closely watching if the S&P can make it below this falling channel. The lower end should be a good support if it holds for a third time. Note the daily sentiment index or DSI from trade futures.com reported a reading of only 6% surveyed as bullish. Readings between 4-7% occurred at all the price lows since Sept 2015. So I take this reading as an indication of oversold conditions at this moment.

snp070116

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