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Notice the following on the weekly chart:
-- Prices are at or near their lowest level in three years
-- All the SMAs are moving lower
-- The shorter SMAs are below the longer SMAs
-- Prices are below all the SMAs
BUT
-- The RSI is oversold, and
-- The MACD is oversold
Notice the following on the daily chart:
-- All the SMAs are moving lower
-- The shorter SMAs are below the longer SMAs
-- Prices are below all the SMAs
-- Prices have been dropping for nearly 5 months
BUT
-- The MACD is rising and
-- the RSI is bordering on oversold territory
Bottom line: The market is technically oversold and wants to rally