The market, as depicted by DJIA (See the following chart.), continues to be "oversold." I still expect a so-called relief rally from these levels. From a technical perspective, the price has penetrated the 200-day EMA, which is very bearish over the intermediate term. (Just look at how both moving averages, 50-day and 200-day EMAs, are rolling over, not conducive for the bull camp. Therefore, as indicated, I expect a bounce from these levels before the downward trend can continue.
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