New lows for the McClellan Oscillator

Both the NYSE and Nasdaq McClellan Oscillator posted new all-time lows. I have annotated with black arrows the areas where lows at similar oscillator levels were signalled in the parent indices for the past 6 months. The indication is that this is a start of a zig-zag bottom before the rally can begin, although the indices are likely within 2% of a bottom. I suspect Tuesday will see an attempted rally before bears try and push it down again Wednesday. Futures are up as of 4.30am ET. A quiet news week would support such a zig-zag bottom before a trigger 'news event' can drive the market higher.