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“Far more money has been lost by investors preparing for corrections, or trying to anticipate corrections, than has been lost in corrections themselves.” – Peter Lynch

Morning stock market summary

Below is a snippet of commentary from today’s Morning Lineup. Start a two-week trial to Bespoke Premium to view the full report.  

Futures are trading slightly higher this morning, but that’s nothing new as we’ve seen a number of days in the last week or two start higher only to roll over and sell-off into the close.  We cover the recent intraday selling on page four of this morning’s report.

At the end of March, most US equity index ETFs were trading in overbought territory, but now it’s the opposite as shown in the snapshot from our Trend Analyzer below.  Small-caps and the Dow are at the most extreme oversold levels.

The percentage of stocks in the S&P 500 that are overbought versus oversold has completely flipped as well, with 46% of the index now oversold compared to just 6% that remain overbought.

For much more analysis of global equities and economic readings released this morning, read today’s full Morning Lineup with a two-week Bespoke Premium trial.

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