Remember our ZBT count down. Well we are 6 days now into the 10 day count and here is where the Zweig sits:
We have folded down from the 54 area making the characteristic second bottom on the pullback. But in order to count for a rare thrust we must in the next 4 day close up and above 61.50 so the market will need to put on its rally hat and get a move on here in order to achieve that. What is more likely to happen is a slow chop up to oversold in that 55 to 60 region unless the wheels really do come off and we chop in this 40 to 45 area. Watch for a turn here to confirm familiar patterns or the start of a new bear market with move failure in this area. Right now nothing out of the ordinary on this indicator.