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TheStreet.com
Take This Market Bounce With a Grain of Salt
All the McClellan 1-day OB/OS Oscillators are oversold and imply a bounce, which is happening Monday morning. As such, while we may see a bounce in the near term, we continue to interpret the charts, market breadth and valuation as suggesting some caution remains appropriate until the evidence starts to suggest otherwise. Negative technical events occurred on the S&P 500, DJIA, Nasdaq Composite (see above), Nasdaq 100 and Value Line Arithmetic Index as all closed below their respective support levels that left all the indexes in near-term bearish trends at the close.
