I know,we said that yesterday. It is really tricky here and we don’t think people should mortgage their houses and buy long, this is just a technical area for a bounce and a setup for a bottoming reversal that could take several weeks.
Please read the daily digest piece for what we are thinking and how we are thinking it. For breadth, it remains incredibly weak. Our Zweig is now 3 days underwater.
The CVI remains weak:
Our 40 DPI, nothing to see here but bearish numbers
NH/NL is in bounceable territory:
and our trenders remain bearish: