Although the stock market is oversold by many measures, it can not bounce back and is stuck, for the time being, in a fragile trading range between 4060 and 4200 on the S&P 500. The list of stocks hitting fresh new lows continues to expand and reached 616 on the NYSE and 1095 on the Nasdaq, a new record. More impressive, the cumulative advance/decline line on the Nasdaq is back to the lows of 2016 whereas on the NYSE, it holds much better as it is only back to last year’s spring. Options traders continue to pile up on puts as measured by put/call ratios.