In spite of the ultra short term indicator seemingly giving us a potential “buy” signal, I’d err on the side of caution. None of the other usual indicators are showing oversold conditions yet, and the next support lines are the 200 day moving averages for the S&P. VIX is displaying some potentially positive behavior in…

Ultra short term is quickly back to overbought levels. Short term never really reached extremely oversold levels. Medium term is not that close to historic extreme oversold levels. Long term continues to exhibit uncertain behavior.

It’s hard to believe I’ve been publishing my indicators and ideas since October 20th, 2009 – starting with my thelastcanary.blogspot.com blog – which now has over 145,000 independent views in spite of zero marketing. Certainly have been wrong plenty at identifying tops, but also certainly right in identifying tradeable bottoms in each leg of the…