The NYA Index has Dropped to a Level that is Very Oversold
You probably recall that we we discussed the NYA's triangular pattern last week ... and then made comments about the market being in a very high risk condition and that investors should be careful.
Obviously, that high risk condition got ugly and the triangular pattern broke to the downside. Now, the NYA Index has dropped to a level that is very oversold, so it should base for an oversold bounce soon. Longer term .... a lot of damage was done.