Market Analysis: 14-Day RSI

S&P 500 futures are up .64% this morning as I type, in pretty good follow-thru to the bounce on Friday. I’m afraid I may have not paid close enough attention to the 14-Day RSI in making a short-term call on the market. Regardless of 50dma breadth, when stocks get down here they tend to not stay down long.

The strength of the bounce will be instructive as to where we go from here. Long-term breadth has really been whacked, and demand continues to fall, so I still suspect we are in the midst of the first 5-10% correction. Just may not take the path I envisioned.

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