Gap down Monday | stockbee


Gap down Monday

The market gapped down on Monday and then recovered part of the down move later in the day. The selling was focused on some of the sectors like energy. The drop in oil price  has resulted in most of the stocks in the sector going down 20 top 25%.

As of now around 350 stocks have Trend Intensity above 105. These stocks have held up well during this correction or some of them have rallied from bottom in last couple of weeks. Many stocks have settled in range and setting up for breakout whenever  the market breaks out to the upside. The underlying setups are not exceedingly bearish as of now. More and broad based selling can change that picture. 

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