The oscillator I mentioned earlier today is most likely somewhere in the -50+ range which signals quite oversold conditions. It can go lower but it gets to a point where a vicious dead cat bounce can hit you at any moment once certain type of readings are hit. As for the S&P 500 we can see the Fibonacci retracement levels below. Obviously 1395 looms large – not only is it the 38.2% retrace but a ton of support is there from August and September. In the very short term the S&P 500 gapped down below the lower bollinger band (not on chart below) so it's a pretty extreme near term oversold condition forming.
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