Based on the indicator T2106, the McClellan Oscillator, the market is more oversold than it has been in a while. 

Readings of -200 are considered oversold, and they rarely happen. Yesterday we clocked a reading of -273.

The chart below shows the recent dates where we had -200+ readings on the McClellan Oscillator.

Here is the SPY chart when annotated with the dates above.

https://www.screencast.com/t/KspMULrWI85

We have all heard the saying; oversold can become more oversold. That is true, but we are in a game of probabilities. And the probabilities favor a short-term bounce before new lows are made. 

We take this information and make it actionable with specific ETFs and specific entry and exit levels. You can check it out here;

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