The Trust Layer for Market Analysts

The S&P 500 and Nasdaq are both currently situated at their 100-day moving averages. The SPY is down 4.5% from its highs and the QQQ is down 7.5% from its highs. Over 25% of stocks in the Nasdaq are oversold, with an RSI below 30, which has previously indicated a local bottom. Put volume is at the second highest since 2005, suggesting a potential overextension to the downside. A correction of 5% or more has occurred several times since 2009, typically driven by various concerns like trade wars, COVID, or geopolitical issues. The probability of an interest rate cut is about 70%. Bitcoin's correlation is negative with the markets right now and it needs to break above the 93K level to confirm a bullish market structure. Other stocks of interest for possible buys include Mastercard, Microsoft and Netflix.