This is how lowrys works:
they have several indicators they follow and they calculate short and long term buying presure and long term selling pressure. They also have an index called apr. Think of that as an index of how weak or strong the relative average price of all stocks are.
so selling pressure is at a record high I believe. Buying pressure is close to a record low. The spread between the two IS at a record. Short term bp is as low as it gets at long term bear markert bottoms.
However, the apr is no worse than March 03, though it is at the 2nd lowest level since oct 98. It actually needs to drop a lot to get to where Lowrys thinks it needs to go, but if it were to get to that point their data would show that these reading swere the worst ever going back to 1938. Its a wag how much of say an sp drop would get us to those levels, but my wag would be 5% more on the spx. I am not saying I think that is gonna happen needs to happen or whatever. Just that that is the data I have to share. This low is already using all indicators but apr, the worst one ever. Lowrys is guessing we need one more 90% down day but until it happens we just don't know what their indicators will say