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Editor's Note: Below is a brief excerpt and chart from today's Early Look written by CEO Keith McCullough. Click here to learn more about the Early Look.

After the 6th down day (for the SP500) in the last 7, my risk management #process is registering some immediate-term TRADE #oversold signals. That’s why I have more LONGS than SHORTS in Real-Time Alerts this morning.

What’s an #oversold signal? That’s simply defined as when a market price sells off to the low-end of my @Hedgeye Risk Range. Conversely, an immediate-term #overbought signal is when the price taps the top-end of my range.

CHART OF THE DAY: #Oversold Signals - Chart of the Day

CHART OF THE DAY: #Oversold Signals - early look