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By Lawrence G. McMillan

After a shaky overnight session, when S&P futures traded down 10 points at one time, and some opening jitters today (when $VIX traded above 23), the market has settled down and rallied.  The rally is another one of those weak, rather pathetic affairs, but that apparently is all that the oversold conditions can generate at this time.

We continue to see the intermediate-term indicators in a negative state, while short-term oversold conditions increase.

$SPX remains in a downtrend.  If an oversold rally of enough strength were to evolve, it could carry the average to or above its declining 20-day moving average – currently at 1300 and declining at the rate of about 3 points per day... 

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