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Here's that chart I mentioned earlier today; note the CCI (it is the lowest CCI reading in over 2 years).
Also, be aware that the Equity-only Put-Call Ratio rose to about 1.13 on Friday; usually I like to wait until its moving average get up a little, but frankly that level of put buying after a 250-point Dow decline in two days (and almost 900 Dow points from the recent swing top), tells you something about who the buyers were. Only nuffnuffs buy puts when the put-call ratio is screaming upwards.
I'm digressing again... here's the chart...
DJIA Daily Chart
Note also - just because it's deeply oversold, doesn't mean I expect any bounce to "stick"; as I said in the previous post, I expect a bounce that can be used to scalp a quick long position and re-set shorts and hedges.
