Stock Market Slump Continues Despite Oversold Conditions; Technical Indicators Point to Further Downside Before Recovery

The U.S. stock market has continued falling despite oversold conditions. More confirmation is needed before buying signals.

Breadth has been negative. Equity put-call ratios are on sell signals. Volatility complex has been bullish but strength is wavering.

Potential VIX "spike peak" buy signal when VIX closes 3+ points below its high of 20.88.

New recommendation to buy XLE puts with oil stocks breaking down and weighted put-call ratio sell signals.

Currently holding several put positions based on technical indicators. Monitoring for rollover signals to go long.