We are at the 50% Fibonacci retracement level in the US markets. This is a very strong support level and we can definitely expect a bounce here. $VIX has not yet reached the panic 37 level. It is at aroun33 level and is leaving a doji candle.
Add to the fact that the market is oversold though not severely oversold. So, I am not expecting a massive bounce starting today but the bottoming process will happen in the next 1-2 days. After that we should be in good bounce mode.
Start looking for stocks on the long side. No shorts or Stay Neutral. Enter long positions in small phases. Today is first phase.
Good luck !!
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