Model indicates markets still heading lower next couple of days.
The sharp reversal in the December bottom put some bumps in the signals I've been looking at. For short term trading, signals have cleared up, and I feel they have good enough quality to make a forecast. The 23 day scope indicates a 2-3 day consolidation while the 32 day scope indicates 3-4 days to the downside before a tradable bottom. There is still a general downside bias in the near term.
In the long term, the SPX is still in the timeframe where THE top will occur. The long term model for the NYA shows a top in place. It's often been observed that stronger stocks top later than weaker stocks. Since the NYA includes SPX and small caps stocks, and SPX model has not topped, then the small caps have made their top. This divergence among groups of stocks forms a divergence warning of a top in the SPX in the near future. Little upside left.