The stock market cycle low is nearing.
The market is already close to oversold levels capable of forming the cycle low. If the S&P doesn’t drop more than 60 points before bottoming then the runaway move will be confirmed.
One or two more down days and the RSI (5) will reach oversold levels.
The McClellen oscillator is already at oversold levels capable of forming a daily cycle low.
And, oil may have completed its cycle low today. When oil starts back up that will be a positive for the stock market.