The bottom may finally be in.

After watching the Dow slip about 4,000 points in weeks, it looks like the Dow Jones just caught new support, and is ready to pivot higher.  It’s also wildly oversold on RSI, MACD, and Williams’ %R.  From 32,196, we’d like to see the Dow rally back to about 37,000, near-term.

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If the bottom is in, investors may want to jump into oversold tech stocks, for example. 

Apple (AAPL) appears to have bottomed out around $140, and is also oversold on RSI, MACD, and Williams’ %R.  Even Microsoft (MSFT) looks like it stopped falling here, as does Advanced Micro Devices (AMD), Tesla (TSLA), (AMZN), and Meta Platforms (FB).  Or, if you want to trade potential upside in the DJIA, you can always pick up DIA calls and let them ride.

Ian Cooper

Author, Trigger Point Trade Alerts