Could get a bounce Thursday.
Zweig Breadth Thrust has dropped to 39.99, so this is slightly oversold.
4wk New Highs/New Lows has dropped to 19.84, when 30 marks oversold territory.
RSI’s on the 60min charts SPY, IWM, QQQ, & DIA are all down in the low 30’s so this is showing oversold.
$NYHGH is showing slight positive divergence by adding 95 issues today vs yesterday’s 72.
On the chart below, you can see that I have marked the 5,3,3 Sto as being oversold because it has dropped below 20. This is a fast moving Sto and so it will usually turn when it hits these levels. This only indicates that the market may be due for a bounce but any bounce would be suspect given all that is going on lately.
If this bounce does materialize, I just have to think it will be a head fake so be careful getting drawn in on the long side by those who would only be too happy to off load equities to you.