Not quite the end yet!

Over the last week, we can see evidence of institutional buying, however, the downtrend is not broken. What the buying means:

1) Institutions believe we are closer to the end than the beginning.
2) The 3600 region is a level where they feel some stocks are on a discount.

It is not easy to move into large positions, so fund managers saw this as a long-term opportunity to begin establishing positions. I expect we may see more upside but it is likely that we will see another leg down to the 3200 level. At this point, significant buying will step in.