We did get a slight up-tick in the breadth but we are stuck in the middle with nothing to gauge. We would like to see the royal flush that set our indicators into oversold making it easier to call a bounce. Right now the direction remains correctional and we don’t think the bottom of that correction is yet apparent.
The Zweig has given us a one day tick up. If it can follow through we would be more optimistic on the upside.
The CVI is also not very bullish convincing.
Our 40 DPI is hanging on the edge by its nails.
To be bullish we want this to fire back up to the 80 area. Yesterday’s hold, although impressive did little to advance new highs.
That keeps our McSI in bear mode:
Along with our trailing 4 week new high new low index.