Please check out this post from May 5th and compare your findings to the readings for those indicators today and the readings from of April 1oth. You’ve got to own all these indicators and to do that you’ve got to track them and log them. If you haven’t started doing that by now, then it’s time you started. Some of those indicators won’t be updated until 6:00pm.
Zweig Breadth Thrust is T2103 at FreeStockCharts.com
4wk New High/Low Ratio is t2122, also at Free Stock Charts.
To those, add $SPXA50R, which will be updated later, as well. It hit 35 on Friday and may have dropped to or below 25 today, which would be oversold.
All I’m going to say at this point about breadth indicators is that, for the most part, they’ve gone into extreme oversold territory. This suggests a bounce could happen tomorrow. If a bounce does start tomorrow, maybe on some good news out of Europe overnight, then you just have to be on guard because bounces are going to get sold and probably won’t last long. And it might not happen at all.
Chart of SPY in 60min time frame showing how it broke down out of the price channel.
Market is damaged goods and any trades on the long side could blow up in your face.
I see no reason to do anything other than watch from the cheap seats.