Scott Schlegel’s Stock Market Indicators – August 14th, 2019

Very oversold in the ultra short term.
Short term is neutral to slightly oversold. This maybe indicates some strength.
Medium term is slightly oversold.
Long term is neutral.

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 that it hasn’t made a new high yet.