What Are Technical Indicators Saying About the Stock Market?

It was just a week ago that financial headlines bemoaned the market having suffered its worst week in 2 ½ years. The bears came out of hiding with scary forecasts. Plunging oil prices, previously thought to be a positive for global economies, were suddenly seen as a major negative, along with the collapse of Russia’s economy and currency. Warnings of a potential global meltdown, perhaps even a 1998 style mini-crash, grew in number.
Bullish investor sentiment and confidence plunged. The weekly poll of its members by the American Association of Individual investors (AAII) fell to only 38.7% bullish.