[isatrader]

Think the market is extended to the downside? History shows that it can get a lot worse.

See the NYSE Bullish Percent Index data since 1987

   

As I talked about in the weekend video. Although the Nasdaq is much lower, the NYSE is still playing catch up on downside. For it to become a major market Stage 4 decline, the NYSE stocks have got to selloff too including the defensive areas of the market.

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On the intraday Bullish Percent charts the trend has gone vertical to the downside. So will be watching for signs of a turn in these. But a long way below the 30 bar MA currently.

   

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Nasdaq Composite Bullish Percent Index since 1996 is weaker than the NYSE. But also still shows that at previous major lows it has been a lot worse. Focus on risk, not on trying to catch a bottom.

   

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First signs of a intraday bounce attempt.

   

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$VIX double top territory

   

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$GLD Gold - RS through the zero line (52 week RS MA) for first time since 2020.

   

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The tape is really heavy, but not seeing panic yet imo.

   

It's picking up steam now. Closer to -5% in the QQQ.

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As we come towards the end of the day the Undercut and Rally / Spring type action scan is producing 161 results currently. Which is the highest I've seen it at, and clearly a big reversal intraday. So certainly a lot of stocks attempting to put in a swing low.

This has strengthened even more. Now up to 219.

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Big change in the tape by the end of day with the undercut and & rally scan closing at 240 results. So it continued to strengthen into close. Nasdaq 100, S&P 500 and Russell 2000 Small Caps 2 hour charts all showing Selling Climaxes (SC). Potential Phase A.

               

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I've added the Undercut and Rally scan results as a .csv file attachment below. The best of them will be in the watchlist a bit later once I've gone through all of todays scans and refined it.