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Last Friday's spike lows helped mark an anchor point for a trade-worthy reversal. Yesterday's action maintained the sanctity of the spike low, as markets failed to close below the prior low while also managing to finish the day higher. We still have to get beyond the range of what is now looking like a two-week(+) base, but in an oversold market this is a good place to be. 

The Nasdaq looks to be on the verge of a new MACD trigger 'buy' as other indicators remained net bearish. Confirmation of a bottom will come on a break above 12,000.

The S&P 500 logged a gain yesterday following its spike low as it also seems to be on the verge of a new MACD trigger 'buy.' Similarly, On-Balance-Volume is near a new 'buy' trigger, as well. It needs a close above 4,090 to confirm a bottom.

The Russell 2000 had managed to see a spike low on Friday, but it did so from a greater position of strength than for the S&P 500 and the Nasdaq. The index also has a MACD 'buy' trigger to go with its improving trading condition - although the MACD 'buy' is starting from well below the bullish zero line. 

Markets are shaping new base ranges with good support around the lows. We now want to see pressure on base range highs, and then breakouts to confirm a bottom for the broader market. There is still plenty of work to do.