All I can say is that we have gone deep into oversold levels once again, though not in every area.
Today about 98% of volume went into declining issues, which is similar to what we saw on August 4th and August 8th. However, Zweig Breadth Thrust only dropped to 50 so ZBT is not as oversold as it should be.
$NYUPV went to 15.76, which may be the lowest reading ever on this, though I haven’t taken the time to look back more than a year.
$NYMO closed 2 ticks above its lower Bollinger Band, and so this need not drop any further.
In this news-driven market it’s very difficult to know what tomorrow might bring unless you know tomorrow’s news ahead of time. TA is, for the most part, useless in such an environment.