The US stock market is oversold, and due a bounce, but there are still a few small "flies in the ointment."
Oversold readings like this are almost always followed by at least a significant short-term rally.
Also, most of our Psychology Composite indicators are very positive.
But...there are still a few indicators that hint we still might have some more time to digest (such as the Rydex Ratio, which we mentioned on Wednesday here).
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