Downside Pressure, but not at an extreme level yet …
The market pulled back on Friday was partly influenced by fears relative to the Egyptian protest and fighting.
This has been a Bull market move since last Summer with the market trending up (higher/highs and higher/lows).
The last pull back was in November and that brought the NYA Index down to its lower Bollinger line. At that time, the down move started when our 9 day CRSI dropped into negative territory as seen on today’s chart. The positive side was that: just when the NYA had fallen to its lower Bollinger band, our 30 day CRSI remained positive (see the thick blue line). That ended the pullback, and the NYA moved back up from there.
So far, the comparison is similar. The 9 CRSI went negative while the 30 CRSI remained positive. As of last Friday, the condition was a pull back condition. In order to avoid a correction condition, the 30 CRSI must stay positive in the coming days.