Bounce Coming?

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Here are a couple of interesting charts I made at a site you should check out sometime: IndexIndicators
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This first one year daily chart of the SP-500 details both price and a measurement in terms of standard deviation of the RSI (5) indicator setting.  In effect, this chart shows us how "unusually" oversold the SP-500 currently is, as well as how the index of 500 stocks has reacted in the past one year to similar situations.
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Click on the chart to ENLARGE
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This chart illustrates the relationship between the SP-500 and the 'fear gauge' indicator known as the VIX.
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Extremely spikes in the VIX have tended to call market bottoms accurately in the past. Perhaps we are now set up for another market bottom.  See what you think.
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Click on the chart to ENLARGE