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Market Nearing Important Support Levels and Inflection Point

June 26, 2020
Market Nearing Important Support Levels and Inflection Point

Equity markets are nearing another important inflection point at support levels, as short-term momentum indicators become oversold. In last week’s note, I discussed the importance of short-term momentum indicators to help track the 2-4 week shifts that capital markets regularly move through.

After surging from oversold levels on May 15 to overbought levels on June 8, most stock markets have been in choppy sideways trading ranges, but they remain above key support near rising 50-day moving averages. As equities have pulled back, daily momentum indicators have been steadily moving from overbought levels in early June back to oversold levels heading into the end of this quarter.

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