The market remains very oversold, but so far, it only looks as if we are seeing more consolidation, which means possible acceptance of prices at this level. We need to see some rejection and a rally off of these lows before we get too excited about the sell off being over just yet.
It’s possible today could turn into a trend day in either direction, but for now, it looks like a sideways range with mixed trading. Just be prepared for whatever the market shows us today, but as of now, I will call this a range with mixed trading.
