If you overlay the CCI(5) on the daily SPX chart you'll see a very positive correlation.
Typically, when the CCI(5) drops below -150 it gives a ST bottom signal and when it
goes above +150 it gives a ST top signal. On Feb. 21, 2025 the CCI(5) was buried at
-166 giving a ST bottom signal. This past Mon. through Thurs., while. the SPX declined,
the CCI(5) went up to -110 putting in positive divergence and yesterday it closed at -69.
Unfortunately, the CCI(5) doesn't provide any input as to how high a bounce will go or
how long it'll last.