The market has reversed its oversold condition pretty quickly. While just last week the percentage of oversold S&P 500 stocks was the highest since the lows in March 2009, now we already have more overbought than oversold stocks on the S&P 500 Index:
"The market has certainly staged a quick rebound. It was just last week when we noted that the percentage of oversold S&P 500 stocks was the highest since the lows in March 2009. As of today's close, however, the percentage of oversold S&P 500 stocks (18.4%) is now less than the percentage of overbought S&P 500 stocks (22.0%)." in Bespoke Investment Group
Related ETF`s: SPDR S&P 500 ETF (NYSE:SPY) and ProShares UltraShort SP500 (ETF) (NYSE: SDS)
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