Stock Indices Work Off Oversold Condition

In yesterday’s Briefing I outlined how the Indices were at an extreme oversold condition and to expect the possibility of some type of rotation up or pause to work off the oversold condition. As of the close today, the Indices could move in either direction. However, it is important to note, they all have closed below important support levels. Those support levels are now resistance and should be monitored. Volume today was still very low, so the selloff is suspect unless more sellers come into the market.

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