Approaching next support level, 13k

13000 DJIA = important support level

Today's market action was mostly sideways ending the day in a small loss.  My calculated scores continue to be at extremely low levels, indicating an oversold market with the potential to snap higher.  However, the RumWave chart is not giving a buy signal so I'm not really sure how much lower the market will go before we turn around.  The next notable level of support will be at 13k on the Dow.  It is both an emotional level of support (nice big round number) and a Fib retracment level (+- 20 points depending on how you draw the lines.)

Today's scores:

Overall, if you want to gamble on the market and hope for a pop based on the oversold levels realize that is is a gamble and you might as well be betting on football games.  If you want to play the RumWave method, continue holding and wait for a more confident opportunity.