BIG tech BIG trouble in US stock market.....

 This is the first time that biggest tech companies are violating 50 DMA across the board.....

They were the hallmark of " America the great phenomenon "

WHY they are all in a unified downtrend is extremely " rare phenomenon "

Will they find support near 200 DMA is the question of the day....

None of the sector which I monitor looks healthy either, another " rare phenomenon "

Here is the RSI numbers..my sole guide in any market :

DOW           31.74

S&P 500     37.05

Nasdaq       39.51

XLE           40.37

IWM          41.86

GLD          41.98

SOX          42.59

JETS         43.21

XLB          43.36

TAN         50.70 

As you can clearly see that just about every sector / Index is being sold off except TAN ( Solar )

They may NOT have reached " deeply oversold conditions yet "

RSI in 20's are considered deeply oversold......

We may get to deeply oversold level by end of Monday hopefully?

COVID-19 is not going away anytime soon.....

BUT US election is ending in 48 hours with all the unintended dramatics as a side show......

SO some relief may be on the way...one uncertainty may have " clearer picture Tuesday night "

In this environment exposure is important but in a diversified manner......

Market should find support before we know soon...hopefully..

Good luck with your own take on COVID-19, Election and technical health of this market.

BLOG does NOT give buy or sell.

Saleem

Posted in: Mixed