Two weeks ago, I posted the NYSE Summation index and pointed out that it was rolling over. That was a good clue to the sell off that was about to begin. Yesterday, the Summation index began rolling over again. Tom McClellan, who’s father invented the indicator, calls this a "fish-hook," since it looks like a fishing line hanging below the zero line. It could be an indication that this market has one more downdraft in it.
In addition, the NDX will hit a DeMark Sequential TM 9 Sell today.
The VIX also hit a DeMark Sequential TM 9 Buy, although that indicates higher volatility which usually occurs during down markets.
Finally, the major averages now appear to be testing the underside of topping formations that they broke down from. It’s a lot of overhead resistance to work through ob the first try.
It looks to me that the market needs to make another stab lower before finding a more durable bottom.
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