With a lot of talk out there of the markets being oversold, I figured it was time to turn to our trusty ol' McClellan Oscillator to see if the markets were actually oversold. And the answer is.....check out for yourself!
Answer: No. Not oversold. Maybe after another down day. At least according to the McClellan Oscillator, there is more room to the downside.
In case you missed it, here is my analysis of yesterday's action and the support levels to watch out for today. Also, some long and short picks for the watchlist.
Take care and good luck!