Stock Market Indicator Update

My take on the market statistics below is that the US market remains in an uptrend (new highs outnumbering lows, and most stocks above the 200 and 50 sma) but are working off oversold conditions. Seems to me the market is transitioning from what Stan Weinstein called Stage 2 (the uptrend) to Stage 3 (mostly sideways action, testing the rising 30-week moving average, possibly making a new bull-high and then eventually falling below the 30-week, leading to a downtrend). Selective long positions still make sense to me.

US Stocks Making New Highs and Lows 11-May-2010
Period	New Highs	New Lows	Hi vs Lo	Hi/Lo Ratio
20 day1	207	173		1.2
50 day1	168	100		1.7
52 week1	116	30		3.9
All-Time2	44	12		3.7
1 Out of 5038 US Stocks on FINVIZ  2 From uglychart.com

US Stocks in Overbought and Oversold Conditions 11-May-2010
Level	Overbought	Oversold	Overbought vs Oversold	OB/OS Ratio
Mild (RSI 60, 40)	484	993		0.5
Moderate (RSI 70, 30)	98	200		0.5
Extreme (RSI 80, 20)	17	22		0.8
Ridiculous (RSI 90, 10)	1	3		0.3
1 Out of 5038 US Stocks on FINVIZ

US Stocks in Relation to their Moving Averages 11-May-2010