24 Oct Scott Schlegel’s Stock Market Indicators – 10-24-2018
Ultra short term higher than previous bottom. Different from behaviour of major indices showing some inefficiencies.
Same for short term.
Same for medium term. This indicator could go lower though.
Long term we are still pretty overbought.
To get a feel with for how extended this fall is on the McClellan Summation Index, I applied an RSI of 29 to the 3 day chart of it. Only once since 2015 have we reached this level. Normally this corresponds with a rally in the index which is merely a reflection of individual stocks. This index, however, can diverge from the broad name indexes for quite some time.
Good luck. Don’t panic, yet! VIX is less than its previous low while indices have made new lows. Shows not everyone is panic selling at this time. Let’s let this thing shake out and form a bottom we can trade.