The market is spinning out of control. What began as a mild correction has now ballooned into one of the nastiest declines ever. The $SPX chart is a series of lower highs and lower lows, and thus it is in a downtrend. The "oversold" condition that exists in $SPX is that it is currently 90 points below its 20-day moving average. Equity-only put-call ratios are screaming upwards and thus remain on sell signals. They are now getting rather high on their charts, which makes them oversold. Market breadth oscillators are on sell signals, but are deeply into oversold territory. Volatility indices ($VIX and $VXO) are exploding upwards. Their uptrend is bearish for stocks. $VIX has its own oversold conditions, too. A spike peak in $VIX is a buy signal. Several are marked on the chart in Figure 4. In summary, all of the intermediate-term indicators are on sell signals. However, there is also a huge oversold condition, which should generate a rally back towards the declining 20-day moving average soon.
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