Fail. Breadth indicators being extremely oversold is now just giving the market a pause in the down days.
SSO closed flat on the day at $48.07 with what looks to be a Hammer candlestick, which is bullish when it appears in a down trend, or so they say. Same kind of candle on the $SPX, as well. I’ll believe that when I see a true confirmation, which would come with a close above today’s intra-day high. For $SPX that would be 1282 and for SSO 48.51.
In the meantime, key for this trade is the 13EMA on the 60min charts, which is sitting at 48.33. If I’m going to stay in this trade, then SSO must close above 48.33 tomorrow. That’s it. $48.33 or higher by the close or I get out of this trade.