Commodity Prices

Gold •298 days	2,368.70	+35.30	+1.51%
Platinum •15 mins	972.90	-7.40	-0.75%
WTI Crude •1 day	63.02	+0.23	+0.37%
Gasoline •1 day	2.119	+0.013	+0.63%
Ethanol •298 days	2.161	+0.000	+0.00%
Silver •298 days	30.82	+1.16	+3.92%

Silver • 298 days	30.82	+1.16	+3.92%
Copper • 298 days	4.530	+0.111	+2.51%
Brent Crude • 1 day	66.87	+0.32	+0.48%
Natural Gas • 1 day	2.937	+0.007	+0.24%
Heating Oil • 1 day	2.167	+0.024	+1.10%

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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.