BPNDX is a lagging indicator. A short term bottom can be formed with a quick rebound in the BPNDX. A long term chart of previous long term market bottoms show the actual lows have already been hit and the BPNDX numbers are showing higher lows at the actual market bottoms in 2002 and 2009. This chart will update every market day after the close to give accurate BPNDX numbers: