The S&P 500 is now nearly as oversold as it was at some of the worst points of the financial crisis.
Below is a chart of the S&P 500's trading range using 3 standard deviations above and below the index's 50-day moving average. The index is currently trading right at the bottom of this range, which didn't happen that often during the last bear market. It definitely hasn't been this oversold at any point during the rally.
The index is now down 9% from its closing high on January 19th, which is very close to the standard 10% correction.
No comments:
Post a Comment