The Spearman indicator is following the direction of a market in a downtrend. More often than not, when there is divergence with the indicator slope versus the market direction, there is more to come in the move. That would mean that we are not quite done yet with the sell-off.
It may not be today or tomorrow, but the excess that was enjoyed during the first few months looks like it needs to be digested a bit more. Look for the Spearman to cut below -90 to -100 as a place that may be reasonable to see some of the froth relieved. Of course there is that Bernanke put that has been in play, so most traditional indicators have become somewhat useless these days.
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