NYSE update: weekly price dragging down lower bollinger bands. All Technical Indicators pointing down

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)

nyse 10102014

  1. 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!
  2. Volume is increasing for each week.
  3. RSI is more oversold than it has been since May 2012, again underscoring the severity of the current correction
  4. 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.
  5. MACD, FSTO pointing down.
  6. No TI signalling a reverse .
  7. Price broken below the 50w SMA.
  8. Next support at ~10,000, below that ~9,750.

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