Commodity Prices

Gold •272 days	2,368.70	+35.30	+1.51%
Platinum •15 mins	997.30	-7.30	-0.73%
WTI Crude •10 mins	70.83	-0.37	-0.52%
Gasoline •10 mins	2.300	-0.002	-0.10%
Ethanol •272 days	2.161	+0.000	+0.00%
Silver •272 days	30.82	+1.16	+3.92%

Silver • 272 days	30.82	+1.16	+3.92%
Copper • 272 days	4.530	+0.111	+2.51%
Brent Crude • 10 mins	74.13	-0.36	-0.48%
Natural Gas • 11 mins	3.972	+0.021	+0.53%
Heating Oil • 10 mins	2.287	-0.002	-0.08%

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Bouncing Back From Oversold Territory

By - Mar 08, 2012, 6:31 AM CST

As we wrote following Tuesday's session: "... our Sigma Trend Index is already at oversold levels (-77), and this happened in 3 sessions only!!!! A short term bounce back could happen from these levels, but what is next?..."

And indeed, the market bounced back on Wednesday from oversold territory. But the big question remains: What is next?

It is important to see if the Sigma Trend Index and the Breadth Index are able to close for 2 consecutive sessions above the zero line. As long as they remain in negative, it means we are (at least) in presence of a short term correction.

If in coming days our key indicators start to deteriorate gradually, with prices declining faster than our indicators, then a sharp correction will be on the agenda.