Market Internals Very Weak
08/18/2009 9:49 am EST
The advance/decline numbers were very weak on Monday and much weaker than prices. The McClellan Oscillator has dropped below its uptrend and is already moderately oversold at -191. A drop to the -300 to -400 area is possible. The NYSE Composite has next support at 6200 and then at 6000, with the 200-day MA at 5500.