This Scenario Could Lead to a Strong Rally Through the Week
The market is even more oversold now but the good news is that they were buying the defensive quality companies into the close on Friday. The concern of a global liquidity crunch was lessened when seeing that money was actually being put to work in the larger higher quality names which had been hit hard during the week.
Today the futures are trading higher a few hours before the open.They’ll likely test things with an intra-day pullback. The best sign would be that the market holds today and continues to rally tomorrow. Such a scenario could lead to a strong rally through the week.
Today’s Potential Opportunities on Further Pullbacks:
Stocks: Any S&P stock which has a ConnorsRSI reading under 2
ETFs: IWM