How About This Bounce?
S&P 500 buyers did put up an early session fight, but were of course much to clients‘ satisfaction overpowered – and that concerns also Russell 2000 as Nasdaq performance continued being dismal with financials, industrials, energy and materials keeping acting weak. Bonds though didn‘t clearly follow to the downside to say the least, and that to me means the downswing would likely stall today, and oversold bounce would be more ready to develop in the nearest days.
Let‘s move right into the charts (all courtesy of www.stockcharts.com).
S&P 500 and Nasdaq Outlook
S&P 500 declined through my first target of 5,080, and on Israel attack news did slide through the second target of low 5,0xx (I prefered 5,015 but it didn‘t hold). Declining volume and deeply oversold levels though increase the odds of a bit of technical reprieve in the selling in the days ahead.
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