Oversold conditions get worse

|About: SPDR S&P 500 Trust ETF (SPY)|By:, SA News Editor

The S&P 500 (SPY -1.6%) is now lower by 6.8% from last month's record high, says the WSJ's Steven Russolillo, making this current pullback the market's worst in two-and-a-half years.

Checking in before today's sharp decline, Bespoke noted 63% of stocks in the index were considered to be in oversold territory, with just 10% overbought. It's surely a wider gulf now.

A bounce is in order. Timing unclear.

ETFs: SPY, IVE, SH, SSO, SDS, VOO, IVV, SPXU, UPRO, SPXL, RSP, RWL, EPS, SPYG, IVW, RPG, RPV, SPYV, VOOG, BXUB, VOOV, SPLX, SFLA, BXUC, FTA, SPUU

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