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Dissecting the Ugly Start to 2016

By The Chartman FOXBusiness

Let’s get to the obvious: it’s been an ugly start to 2016.

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Now, the real question is, where to from here? The market is oversold, so I’d expect a bounce, maybe a sharp one. But, in looking at the chart below, it sure looks like a retest of the August lows is more likely than a break to new highs.

Despite oil’s selloff, some of the oil companies look ripe for buying. Take a look at ConocoPhillips (COP), which is nearing support.

Don’t look now, but Wal-Mart Stores (WMT) is on fire. Not sure why, but the charts never tell anyway!

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Back next week to celebrate a Redskins victory. I hope!

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