Underlying weakness in equities markets suggests little upside from here...

[Mark Lytle]

Note the vertical red lines where the two exponential nodes presaged declines in the Nasdaq 100 McClellan Oscillator (symbol: $NAMO). This wasn't planned, but the nodes line up well with two recent peaks in this indicator.

Note that the MACD crossover of the 'zero line' of the McClellan Oscillator (at the top of the chart) often corresponded with peaks in the $NDX. I have highlighted some of these events with vertical
magenta, dashed lines. Looking at the current MACD, a similar crossover
should occur early next week.

I do see the MACD of hourly market action does suggest a bounce on Monday. However the Advance/Declines
ratio, smoothed by a 40 day moving average (core process in computing
the McClellan Oscillator) is showing that the underlying strength in
the markets is ebbing away, quickly. Therefore the bounce should be contained
by existing exponential trendlines, as they have been in the recent past:

[Mark Lytle]

Just to add, the McClellan Oscillator for the $NYSE (symbol: $NYMO) is showing the same pattern...