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Investors are searching for a waypoint on the path of the coronavirus outbreak, and global futures have been all over the place with S&P 500 futures trading in a range of over 2% from their highs last night to their lows this morning. Currently, futures are indicating a slightly higher open, but those levels can and likely will change by the time you read this.
Read today’s Bespoke Morning Lineup for the latest on the impact of the coronavirus, how the outbreak is impacting economic data, and the latest stock-specific news.
Given the magnitude of the declines over the last several days, it’s hard to believe that many major US indices still aren’t oversold relative to their 50-day moving averages. In fact, despite falling more than any other major index ETF over the last five trading days, the Nasdaq 100 (QQQ) is still above its 50-DMA!