On the charts, all the major equity indexes closed lower Friday with negative internal on the NYSE and NASDAQ. Negative technical signals on the charts appeared as follows.
The data finds all the McClellan 1-Day OB/OS nearing deeply oversold territory (All Exchange: -97.59 NYSE: -93.24 NASDAQ: -99.79). Reading below -100 are considered very oversold. However, in the current environment, we have yet to see other data supporting the potential for a correction climax.
In conclusion, the charts and data still suggest caution is warranted for the near-term, by our work.