Correction Comparison

As per popular request, here's what the T2108 indicator (% of stocks trading above the 40 day moving average) currently shows:

With this week's declines now in the fold, we've now stepped down into true correction territory. Is it enough? Historical trends suggest no, but it won't stop some from putting money to work here just in case. Perhaps that's why we're seeing an afternoon liftoff from the mid-day lows.