August 17, 2019 06:30 PM RSS

S&P 500 Most Oversold Point Of The Year

  • Wall Street Rebel | Geoff Garbacz
  • 10/12/2018 8:36 AM
S&P 500 Most Oversold Point Of The Year
The QPI Overbought/sold Indicator is the most oversold coming into today. A bounce is to be expected. But can it be trusted? Read on.

The QPI Overbought/sold Indicator picks up an aggressive sell when it break below 70 when overbought. The confirmed sell is when it breaks 30. The problem with oversold is it can stay oversold.

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This morning the score is at 4.72. This is lower than in January which is a statement in itself. We need this to move back above 30 by the close to confirm the next up move is beginning. It may take a couple days to get back above 30.

As an aside, I despise gap opens and a failure today would be a HUGE problem. However, if it sticks then we might have legs and we will be buying calls in Options Index Trader and Gold & Energy Options Trader.

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