Here are the latest readings from my stock market indicators.
Long term is bouncing from lows and is still slightly oversold.
Medium term is falling quickly back to oversold levels. We’ll have to see how low this move takes us.
Short term is oversold again. Just like medium term, we’ll have to pay attention to how low it goes from here. It looks like it will go lower than the most recent low showing some impressive weakness.
It’s quite possible that unlike the usual weak October, the strong October may have “pulled forward” some of the strong seasonable performance from November to April. Usually October is weak setting up the following months for success. This year was the opposite.