Al's Daily Indicator is solidly in buy territory on both the 10 day and 20 day basis:
This is not a buy signal, just a precondition for a buy. Need to see a break above the downtrend line defining the sell off so far. A break above a reading of 1.00 on these indicators would also help confirm that a low is in place.
Big hit on equities Monday into Tuesday last week, "oversold" bounce the rest of the week. And a bounce is exactly what it looks like with a choppy and overlapping pattern.
Price chart is the NYA. The uppermost of the two indicators below the price chart incorporates volume, adv/dec & rate of change statistics, the bottom indicator is an analysis of the NYSE tick. On Tuesday & Wednesday both those indicators rocket up from buy territory to sell territory, but prices don't put a strong impulse pattern in place. So it appears that on the very short term a correction is winding it's way out and more bear action is on it's way.
Also on the VST there are two possible EW counts of the action since the Jun 22 high. Both alternates contemplate further selling to come:
CYCLE - Green - I, II, III, IV, V - A, B, C, X PRIMARY - Red - I, II, III, IV, V - A, B, C, X MAJOR - Blue - 1, 2, 3, 4, 5 - a, b, c, x INTERMEDIATE - Purple - 1, 2, 3, 4, 5 - a, b, c, x MINOR - Red - 1, 2, 3, 4, 5 - a, b, c, x MINUTE - Green - 1, 2, 3, 4, 5 - a, b, c, x MICRO - Black - 1, 2, 3, 4, 5 - a, b, c, x NANO - Black - (1), (2), (3), (4), (5) - (a), (b), (c), (x)
Manage apple orchard & processing business full time - trade part time
Traded cattle futures professionally for family meat packing company in 1980's
Also traded stock indexes for own account
Won the US Trading Championship - Options Division in 1986 (500%+ return in 4 months)