The recent downtrend shows no signs of reversing direction, particularly from the RumWave perspective. However, Friday produced some very interesting results driving the RumWave in a significant way toward a bottom. Make no mistake.. it is not time to buy, but the RumWave chart is moving in the right direction.
The daily score total (bottom number) is very low, indicating that the market is oversold and some kind of short term bounce is probable.
The DJIA 4 hr chart (above) is showing some support at the 50% retracement of the summer rally. Also, the RSI_EMA is displaying a bullish divergence. This isn't the strongest signal in the world, but it's something that supports a short term bounce.
The DJIA daily chart (above) doesn't show anything that I view as particularly bullish. About the only bullish argument that I can make is that the Bollinger %B is slightly better than the previous day... not a strong signal when you consider all the oscillators I have called up.
Overall, I'm still all cash. Just patiently waiting for a strong signal.