Carter Worth, Chief Technician of Oppenheimer, thinks that the market is stabilizing at a level where history shows that support comes into play. He thinks the selling is starting to abate. Its important to note that Tech and Consumer Discretionaries were leaders Thursday and Financials have been actually outperforming the market for 2-3 weeks:
According to Oppenheimer’s Carter Worth, if you’re a bull you can breathe a sigh of relief. He’s confident that the market’s reversal is meaningful and provides another sign that the S&P is stabilizing.
Looking at the charts he says on Friday June 10th the market settled at 1270. Then again on Friday June 17th the market settled at 1270. Currently we’re trading above that level but even if the market closes tomorrow Friday June 24th at 1270 – that’s a sign the bull trend remains in tact.