This Index will confirm a bullish signal once it turn up from its current levels.
There are some very strong indications of a climax low being put into place today and not just limited to the S&P 500 either. We have also entered the strongest seasonal tendencies over the next 3 weeks.
The volume today was also another plus for the bulls.
Small Cap stocks also reached their lowest bullish reading since the 2003 low in the markets.
It currently stands at 23% bullish which anything below 30% in the past has been a harbinger of sustainable rallies. This number also helps us to decide which sector should have the best performance and where we should look for possible long candidates.
The NASDAQ is also showing tell tale signs of a climax low here and also has some symmetry with this past decline being of equal length to its previous decline.