Stock Market Short-Term Rally Off Of Oversold……

We came in to today with the short-term, sixty-minutes charts mostly oversold. Barely above 70 RSI on the Nasdaq and small-caps stocks, but in the mid-twenties on the RSI’s on the S&P 500 and Dow. Bull markets don’t stay oversold for too long, unless a more severe selling is upon us. That has yet to show its hand, thus, no shock that we saw the market head higher slowly, but surely, throughout much of the day. No great thrust, but a nice move upward throughout most of the day. By the time the day was over those short-term index charts were no longer oversold.