Is this indicator marking a bottom and we will continue drifting upwards or are we about to get flushed with a day or two of panic selling. Red boxes mark where buyers got flushed on the first move up from a "bottom." Black boxes marked "bottoms" in that indexes continued to rise as they occurred.
High Yield bonds (JNK) are getting hammered in terms of long term treasuries (TLO). In the new normal, I"m not sure if this indicates flight to safety or monetary expansion for buying treasuries.
Medium term remains quite subdued.
Medium term summation index remains very bearish.
Short term summation index is tracking the Dow fairly closely.
After a short rally, we can no longer say the short term indexes are oversold. The medium term have moved somewhat off their bollinger bands, but the longest term on this chart representing the most recent ~two months compared to the previous ~five months does not yet show an oversold condition.
This is just another image of the short term indicator which is still below recent peaks.