Last week's commentary detailed the Hybrid Lindsay forecast for a low near Friday of last week. While the market did trend downward into Friday's close near important support at 2,120, internal indicators show very few signs of an oversold market. In other words, it's tough to make a case for a tradable low here without any confirming indicators.
One reliable indicator for marking highs and lows has been the McClellan Oscillator. A move below its lower Bollinger Band or -150 is usually a good sign that a bottom is (very) close at hand. We haven't seen that yet making me leery of calling a bottom now.
Try a "sneak-peek" at Seattle Technical Advisors
