The US stock market has completely "crashed"? Oppenheimer: S&P 500 probing the 200-day moving average is a good opportunity to bottom fish

Oakmere Asset Management pointed out that the S&P 500 index has fallen to test its 200-day moving average, which they believe is a potential buying opportunity for bullish investors seeking quality entry points in the market. The company stated, "We will be watching for signs of short-term bottoming in the coming days. Intraday traders may consider buying the S&P 500 index and set a stop-loss at a close below 5,725 (200-day moving average)." Furthermore, the investment institution further commented, "The S&P 500 index has retraced to the 200-day moving average support level of 5,725. The flat trend at Tuesday's close suggests that there may be some follow-on selling this week. However, we believe there may be a relief rebound before continued selling later in the month." As of Thursday, the benchmark S&P 500 index traded at 5,755 points, down 6.3% from its historical high of 6,147.43 points. Additionally, as pointed out by Oakmere, the index's trading price is below its 50-day and 100-day moving averages, showing signs of a bounce back from its 200-day moving average. From another technical perspective, when examining the Relative Strength Index (RSI), the overall market level has consistently been in oversold territory, currently at 39.45, having dropped to 33.35 earlier this week.