- The ISE equity showed the most put buying since early June.
- The VIX popped
- The TRIN reading was extreme
- We broke below widely watched support levels that likely cleared out some weak hands.
All this should lead to some sort of a bounce, which we are seeing this morning. Its possible that this bounce will be the beginning of a bottom but the intermediate term sentiment and oversold indicators are not extreme enough to have a strong conviction that this was a bottom.