Remember the Good Old Day of March 1?

On a short-term basis, the current selling appears to be overdone. By injecting another quite high number in the sequence, the five-day and 10-day Arms Index moving averages have gone to oversold levels, suggesting at least a holding action in this vicinity. Moreover, the weakness has been with us for nearly a month, thereby also pushing the 21-day to oversold levels. This suggests traders could make some money in speculative long positions for such a rally. 

On a longer-term basis, though, the drop has done enough technical damage to warn us that the high on the first day of March may have lasting implications. It has broken the uptrend since the elections. The second chart below is a weekly look at the S&P. The crossover on the MACD is disturbing. ...171 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

Read the full story and get access to the Real Money Pro trading floor.

There’s no substitute for a trading floor to get great ideas, so Jim Cramer created a better one at Real Money and blogs there exclusively. We then added legendary hedge fund manager, Doug Kass, with his exclusive Daily Diary and best investing ideas. Staffed with more than 4 dozen investing pros, money managers, journalists and analysts, Real Money Pro gives you a flood of opinions, analysis and actionable trading advice found nowhere else, and allows you to interact directly with each expert.

Already a Subscriber? Please login.

Except as otherwise indicated, quotes are delayed. Quotes delayed at least 20 minutes for all exchanges. Market Data provided by Interactive Data. Company fundamental data provided by Morningstar. Earnings and ratings provided by Zacks. Mutual fund data provided by Valueline. ETF data provided by Lipper. Powered and implemented by Interactive Data Managed Solutions.

TheStreet Ratings updates stock ratings daily. However, if no rating change occurs, the data on this page does not update. The data does update after 90 days if no rating change occurs within that time period.

IDC calculates the Market Cap for the basic symbol to include common shares only. Year-to-date mutual fund returns are calculated on a monthly basis by Value Line and posted mid-month.