The broader NYSE index has been weaker and bleaker than the more specified S&P500 and DOW. All technical indicators are pointing down, but are getting in oversold conditions. However, just because it’s oversold doesn’t mean a bounce will materialize. Instead, no TIs signal even a reversal yet.
(click to enlarge)
- Weekly price is now dragging down the lower bollinger band and the bands are expanding: downside is strong and price is weak. This has not been seen but in Primary II, underscoring the severity of the correction and the wave degree the market is in: Primary IV!
- Volume is increasing for each week.
- RSI is more oversold than it has been since May 2012, again underscoring the severity of the current correction
- The weekly A.I. has been on a sell for the past 4 weeks, and no sign of a bottom (buy signal) yet, but fastest SSTO is entering OS level.
- MACD, FSTO pointing down.
- No TI signalling a reverse .
- Price broken below the 50w SMA.
- Next support at ~10,000, below that ~9,750.