Markets lower, may be “extremely oversold”

Markets were mostly lower on Wednesday.

The S&P 500 fell 0.3 percent, the STOXX Europe 600 fell 0.1 percent and the Shanghai Composite fell 0.5 percent.

“Sentiment remains fragile as investors digest the changing face of the trade dispute from broad sweeping tariffs to direct action against single Chinese companies,” Jasper Lawler, head of research at futures brokerage London Capital Group, wrote in a note.

One analyst sees hopeful signs for stocks though.

“A couple of the indicators that I look at got extremely oversold early last week and continue in that direction,” said former Goldman Sachs and Cowen market technician Helene Meisler on CNBC.

Meisler said that “in the first half of last year we had four such instances where we had extreme readings, and each time the market rallied”.