Commodity Prices

Gold •754 days	2,368.70	+35.30	+1.51%
Platinum •14 mins	1,616.60	-15.60	-0.96%
WTI Crude •10 mins	81.07	-1.54	-1.86%
Gasoline •16 mins	3.316	-0.011	-0.33%
Ethanol •754 days	2.161	+0.000	+0.00%
Silver •754 days	30.82	+1.16	+3.92%

Silver • 754 days	30.82	+1.16	+3.92%
Copper • 754 days	4.530	+0.111	+2.51%
Brent Crude • 10 mins	86.26	-2.10	-2.38%
Natural Gas • 12 mins	2.734	-0.033	-1.19%
Heating Oil • 13 mins	4.127	+0.015	+0.37%

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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.