Market: The technical breakout crowd is again left disappointed as this has been a hefty decline in nazland marked by excessive bullish sentiment puntutated by Abby Jospeh Cohen marking the top. As I have said before, it seems we are in a trading range on the naz and playing breakouts can lead to heartbreak.
There are lots of bullish things going on here in looking for a short term bottom. Five day rsi is below 30. Ten day trin and trinq in a buy zone. Sox hitting a buy signal intraday. Other averages are very close but not quite there yet. Looks like puts are building at the 36 strike creating an opex bottom of sorts. We have/are having the earnings bad news and so we look for the other side which is the good news.
On the other side, the short term sentiment is not showing excessive bearishness which would run inversre to the market creating a bull move. The short term sentiment does not line up with the the price indicators. So, there are two options: (1) any rally we have from here will be reduced in size and duration due to the sentiment picture; (2) we have a bit more weakness coming to round out a bottom and to get the bears on board for a reversal.
Market Data 
Markets 
AI
