Short term oversold conditions resulted in a strong rally on Thursday, putting many oversold stocks back in the overbought column ahead of the final trading day of the week.
Sellers continued to press their offensive on Tuesday, sending even more stocks tumbling toward oversold territory above the 200-day moving average ahead of trading on Wednesday.
Technology stocks led by Cisco Systems pulled back, while energy stocks like HAL and MEE were on the move higher ahead of trading on Friday.
Going into trading on Wednesday, traders are likely to encounter overbought conditions. Why? Read more in today’s 7 Stocks column, plus take note of our stocks to keep an eye on.
Major Equity Indexes Rally to New Highs to End Week … S&P 500 SPDRS ETF (SPY) Closes in Overbought Territory Above 200-Day for Five Consecutive Sessions … Top Stock PowerRatings Stocks for Today Include: AMD, DDS, VZ … VIX Stretch Below 10-Day Grows Beyond 7% … Top ETF PowerRatings Funds for Today Include: XLU, XLP. IYZ.