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With the S&P rising modestly on Wednesday after days of selling, investors were looking for any and all types of signals to determine whether the market may have found support or if more selling was to come.
Looking at momentum, “The constant selling just got exhausted," says Rick Meckler, president of investment firm LibertyView Capital Management, in New York.
"You've had an awful lot of consecutive days of hard selling. It seems like, at least temporarily, that has come to an end."
In fact, Bespoke Investment Group said breadth in the S&P 500 was very close to extremely oversold levels, noting the last time those levels were reached on March 16, it "turned out to be an attractive buying opportunity."However if the signals uncovered by the Fast Money traders play out – you might want to hold-off before you establish new long positions.
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