Moving Off Extreme Oversold Readings

It wasn't a bad Friday but not the strong close to the week I was looking for. Miners are telling me metals will bounce in the week to come along with lots of other stocks after a week of rest and a small correction.

We remain at extremely oversold levels even though we hardly fell in the greater scheme of things.

That means a nice move higher shortly but we do have a Fed meeting with a likely rate hike to come mid-week so that may increase volatility.

Time will tell.

A solid turn higher off the 21 day (which is great) seems to foretell new all-time highs in the week or so to come.

Good stuff!

These are my thoughts on the SPY ETF in my Daily Trade Ideas which includes many, many more charts and setups. Subscribe to my ...

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