Stock Market Timing Model (MTR-TM): Market Down Signal on 5/6/2010

• MTR-I: -8.12%
  RSI: 32.39, below 50 which is bearish. RSI is now reaching extreme oversold levels and a bounce to the upside is likely. News reports that the EU will pledge 1 trillion for Eurozone countries. This may contribute to a strong rally this week. If the rally holds will be another story.
• MACD:  -5.06, below zero is bearish.
• Volume: High volume supported the downside move

All of the major indexes are close touching lower support and may be another factor in a possible move to the upside.