[pcabc]

S&P500 versus Russell 3000

I think we are in a period of uncertainty here.  You could make a bull case that we've had a higher low so we've hit a bottom, a trendline of support can be drawn. But we are still below the longer standing trend line of resistance [1].  They converge in about five weeks, so we should know if it is going to breakout to upside or downside.  But of course it could continue to wobble around sideways.  The 150 day SMA is still sloping down and the index is below it, that indications caution is needed.

Various indicators, including the McClellan Oscillators [7 & 9] and % stocks above their 20, 50 and 200 day EMAs [11 - 13] are on the rise.  However, the McClellan Summation Indices [8 & 10] and Silver and Gold Cross Indices [14 & 15] are headed down.

I think we need to wait and see where this is headed.