Despite the panicked close on Friday, the breadth, while weakened, remains fairly ok and stretched to logical bounce areas.
Our Zweig is down to the 43 area:
And while price is making a lower low than mid-December, CVI is relatively stronger; that is a bullish divergence:
Not quite the same for the 40 DPI:
Our NHs/NLs hasn’t suffered much and there was actually an uptick on Friday!
Our trenders are suffering but they are not ready to call a downside trend yet. It remains a waiting game as the quality of the bounce is determined.