With put/call ratio=1.2 and T2108=11, bounce coming

GMI0/6
GMI-20/8
T210811%

There has been so much technical damage done that I think it best to remain on the sidelines for now. Thursday was the 5th day of the new QQQ short term down-trend. There will likely be huge volatility for a while as the market retests Thursday’s lows. There were 479 new lows and 9 new highs on Thursday. However, the T2108 reached severely oversold levels, as shown in this weekly chart. I remain in cash.