Percent of stocks above 40 day moving average is at levels associated with bottoms for the last 15 years, except for the 2008 sell off.
McClellan summation index is at lows for the last 8 years except for the 2008 sell off.
Long term is almost back to neutral.
Medium term is oversold and seems to be forming a base.
Short term is convulsing lately. It remains in oversold territory and off lows.
Being a slight contrarian, once these indicators begin to turn, it may be an opportunity to play a short to medium term bounce in the market. But remember, let the indicators lead first. We cannot predict their movement. We just must follow.
Gold and Miners have put in a few solid days off their “triple bottom” levels. We’ll see if they can break through resistance lines and put together some decent returns going forward.
Best of luck.