Even more oversold!

I know I just posted a market update this morning, but it is worth updating here at 1 pm EST because the oversold conditions are changing so rapidly. Only 8% of stocks are above the 20 day average and 18% above the 50 day. For comparison, Worden's T2108 indicator is at 19, which is dipping into oversold territory (contrarian bullish) but keep in mind that in March 2009 T2108 got as low as 6% and in October 2008 it went as low as 1%! Meanwhile New Lows and Oversold stocks are trouncing anything in an uptrend.

US Stocks Making New Highs and Lows 20-May-2010
Period	New Highs	New Lows	Hi vs Lo	Hi/Lo Ratio
20 day1	20	1620		0.0
50 day1	12	1141		0.0
52 week1	8	184		0.0
All-Time2	15	39		0.4
1 Out of 5030 US Stocks on FINVIZ  2 From uglychart.com based on yesterday's close

US Stocks in Overbought and Oversold Conditions 20-May-2010
Level	Overbought	Oversold	Overbought vs Oversold	OB/OS Ratio
Mild RSI 60 vs 40	124	3027		0.0
Moderate RSI 70 vs 30	33	741		0.0
Extreme RSI 80 vs 20	5	44		0.1
Ridiculous RSI 90 vs 10	1	3		0.3
1 Out of 5030 US Stocks on FINVIZ

US Stocks in Relation to their Moving Averages 20-May-2010