WALL STREET CRAPS STOCK MARKET STRATEGY SEPTEMBER 10, 2023
The stock market has been correcting for the last week with many of the short-term indicator within striking distance of oversold readings. Investors and traders should be very careful in this time period as deep oversold readings often occur during the September-October time period. This week should be interesting with Apple’s earnings, new iPhone and China news affecting this bellwether stock.
Key underlying short-term timing indicators show the following:
- NYSE McClellan Oscillator – Ultimate Indicator – 39 (neutral)
- Nasdaq McClellan Oscillator – Ultimate Indicator – 38 (neutral)
- Volatility Indicator – Ultimate Indicator – 56 (neutral)
- NYSE Advance/Decline Oscillator – Ultimate Indicator – 39 (neutral)
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NYSE McClellan Summation Index: This index’s oscillator has a current reading of 26. It has been in the oversold range for some time now and just recently started to decline once again.
Fear/Greed Index: This popular indicator is in the “Neutral” territory with a reading of 51. The next solid upside trading opportunity doesn’t appear unless this trusty indicator hits a reading of 25 or less (Extreme Fear).