The 10 day moving average of advance-decline lines are as oversold as I have seen them. The TRIN and TRINQ are moving up showing indiscriminate selling. And the McClellan oscillators are below -100. In a normal situation, the market would need to rally from here.
As long as the governments around the world can get a grip on the banking problems I assume prices will move up from here. The move should continue for several weeks. But this may only be a dead cat bounce before more selling starts.
Chart courtesy of Stockcharts.com
I wrote this post on Friday night and I’m off to the mountains and won’t be able to respond to any comments or emails until Sunday evening.
Have a good weekend. If you are looking for something to read this weekend you can check out my most popular posts page.
Tags: Advance-Decline · Market Internals · McClellan IndexNo Comments
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