Although I have a bearish
view on the major global stock market indices from a longer term cyclical perspective (see older post
) and growing bearish
momentum in the beginning of 2016 may well be a starting point, the McClellan oscillator
, historically during a deeper market correct when oversold (below -80) has price resume an upward rally. Seeing this in the American markets may be a sign of some possibly temporary buying relief. Nonetheless price cyclicity will lead the way in informing a more pronounced down trend/bear market as some other major indices.
Seen too in NAS100
a relief rally may ensue.