The NYSI and NASI gave sell signals last week and have been declining since. As long as there respective McClellan Oscillators remain negative the SIs (accumulative McCO’s) remain in a down trend and the market will not be able to rally. If History is any guide, then the previous declines show that we can expect more downside over the weeks ahead; i.e. the RSI14s of each SI will first have to become oversold (<20) and will then need to move back up (>20) before an initial buy signal is given. Until then; down it is.