I have been doing my daily countdown to see if we could get a Zweig buying thrust from the oversold to overbought area (it needs to travel the distance in 10 day to be official). We still have one more day left but mathematically now it is impossible. If we were to get all 100% stocks moving up on Monday the best we could get the ZBI to move is to 58.05.. short of the 61.50 we are looking for.
The bears have escaped one of the most bullish signals there is and can certainly breath easier. As far as being on the outlook for another chance, we would need to travel to the downside here and then have a thrust back up. We will have how long lived the weakness from Friday is. For now we will take our Zweig indicator and put it back on the shelf and wait for another setup sometime in the future.