The Markets in Development Briefing for January 31, 2018

As discussed in last night’s Briefing, the Stock Indices did enter an area of rotation to work off an extreme oversold condition after yesterday’s large selloff. The rotation today has all of the characteristics, at least for now, of a countertrend move to the selling yesterday. However, they did not reach a point of being overbought. Therefore, there could be some additional rotation tomorrow. If there is, and if it doesn’t develop impulsively, expect another round of selling to test very important support levels.

DAILY BRIEFING 180131 from Joe Mertes on Vimeo.