3/9 Ultra-Short-Term Indicators: The Participation Index - DOWN still sports negative climactic readings. The CVI has backed off somewhat. The VIX is becoming very close to the lower Bollinger Band. A penetration of that band would call for a rally "pop". The Participation Index - DOWN suggests to me that a selling exhaustion is nearing. Remember these indicators are for a time frame of hours to a day or two. Meaning, the climactic reading is not calling for a new extended rally, rather a curtailment of this current short-term decline.
Conclusion: The short-term picture is starting to look somewhat less bearish. The ST indicators are slowing down their descent and seem to be preparing to bottom in oversold territory. IT indicators are still very negative so any rally "pop" next week so I wouldn't expect to see heavy bullish follow-through.
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