The hourly chart is showing some early signs of being oversold. We might ... note I said might have some strength here for the short term.
The daily chart tells us the cycle is still down. The money line is moving back down into a cycle low ... however be warned ... while this occurs price may only move sideways for a period (note CY08 when this occurred). Today was about a 70% down volume day with almost even inflow of money. Volume did pick up on the Dow and the NYSE compared to the last few days and for what it is worth ... today was an accumulation day for the Dow.
This just looks ugly ... Trend is down for the weekly chart.Updates will be slow over the next few weeks due to a new addition to the family.
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