Proprietary Oversold Indicator Kicks In Again
We are officially oversold again. Once our QPI Oversold Indicator drops below 30 we are oversold. The key is that we need to move back above 30 before we are a buyer.
Currently, we are at 18. In August, this number got to 9. Futures are stronger today so there is a chance we could move back above 30. Key will be the monthly jobs number at 8:30 a.m. EST.
What is interesting is that in 2014 the QPI Oversold Indicator kicked in 7 times. In 2015, it kicked in 12 times. Hence the rise in volatility.